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BusinessWeek on Pfizer buying Wyeth

By Lawrence B. Ebert, Esq.

With a headline Pfizer CEO: Wyeth Takeover Will Be Different, BusinessWeek quickly noted:

Nevertheless, cost-cutting there will be. Pfizer expects to achieve about $4 billion in "synergies" by 2012, enabling it to reduce the combined workforce of the two companies by 15%, or some 20,000 jobs. As part of those synergies, Pfizer announced Monday [26 Jan 09] that it will eliminate 8,000 jobs, 10% of its workforce. It is closing five of its 46 manufacturing plants.

Pfizer's take-over of Pharmacia was related to the ill-fated Celebrex. Pfizer's take-over of Warner-Lambert was related to Lipitor.

See also

What happened to the guy who developed Lipitor?

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See also Duff Wilson of the NYT, For Pfizer, a Big Deal and a Test which included text:

The companies? combined work force of 128,000 will shed 19,000 jobs. Pfizer will slash its stock dividend in half. And Pfizer is taking a $2.3 billion charge to settle a federal investigation over illegal off-label promotion of its former painkiller, Bextra.

Investors celebrated Mr. Kindler?s big day by sending Pfizer?s stock down more than 10 percent.

Full post as published by IPBiz on January 26, 2009 (boomark / email).