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| Pfizer acquires Wyeth for $68bn | Pfizer acquires Wyeth for $68bn |
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| US drugmaker Pfizer it to buy rival Wyeth in a deal worth $68bn (£50bn), the two companies have announced. | US drugmaker Pfizer it to buy rival Wyeth in a deal worth $68bn (£50bn), the two companies have announced. |
| "The merger will be financed through a combination of cash, debt and stock," the companies said. | |
| The merger will allow Pfizer to protect itself from a drop in revenues when its popular drug Lipitor and other products lose patent protection. | The merger will allow Pfizer to protect itself from a drop in revenues when its popular drug Lipitor and other products lose patent protection. |
| It will also help Pfizer diversify its product portfolio, thanks to Wyeth's presence in biotech drugs and vaccines. | It will also help Pfizer diversify its product portfolio, thanks to Wyeth's presence in biotech drugs and vaccines. |
| It will be the largest merger in the pharmaceutical industry since Pfizer bought Warner-Lambert for $93.4bn in 2000, according to the Wall Street Journal. | It will be the largest merger in the pharmaceutical industry since Pfizer bought Warner-Lambert for $93.4bn in 2000, according to the Wall Street Journal. |
| Three years later, Pfizer also bought Pharmacia for $60bn. | Three years later, Pfizer also bought Pharmacia for $60bn. |
| Earlier on Monday, Wyeth withdrew from talks to acquire Dutch biotechnology firm Crucell. | Earlier on Monday, Wyeth withdrew from talks to acquire Dutch biotechnology firm Crucell. |
| Diversification and cost-cutting | Diversification and cost-cutting |
| This sector must consolidate now, and Pfizer is the poster child David Moskowitz, Caris & Co | This sector must consolidate now, and Pfizer is the poster child David Moskowitz, Caris & Co |
| Pfizer makes drugs including cholesterol treatment Lipitor, one of the best-selling drugs in the world, and Viagra. | Pfizer makes drugs including cholesterol treatment Lipitor, one of the best-selling drugs in the world, and Viagra. |
| From 2011, the firm is expected to lose billions of dollars in sales to cheaper rival generics of Lipitor. | From 2011, the firm is expected to lose billions of dollars in sales to cheaper rival generics of Lipitor. |
| Wyeth faces the same problem next year, as it will lose patent protection on its best-selling drug, antidepressant Effexor XR. | Wyeth faces the same problem next year, as it will lose patent protection on its best-selling drug, antidepressant Effexor XR. |
| Wyeth also makes the popular Prevnar vaccine against childhood infections and rheumatoid arthritis treatment Enbrel. | Wyeth also makes the popular Prevnar vaccine against childhood infections and rheumatoid arthritis treatment Enbrel. |
| The deal will also allow the two companies to cut cost by cutting jobs in overlapping areas. | The deal will also allow the two companies to cut cost by cutting jobs in overlapping areas. |
| "Consolidation is a necessary evil in Big Pharma. This sector must consolidate now, and Pfizer is the poster child," said pharmaceutical analyst David Moskowitz at Caris & Co, before the announcement. | "Consolidation is a necessary evil in Big Pharma. This sector must consolidate now, and Pfizer is the poster child," said pharmaceutical analyst David Moskowitz at Caris & Co, before the announcement. |