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IN BRIEF / PHARMACEUTICALS

Pfizer Wins FTC OK to Acquire Pharmacia

April 15, 2003|From Bloomberg News

Pfizer Inc., the world's largest drug maker, won Federal Trade Commission approval for its $58-billion purchase of Pharmacia Corp.

Pharmacia Chief Executive Fred Hassan won't take the vice chairman's post at Pfizer, as originally planned, Pfizer said. Investors have speculated that Hassan will become the next CEO of rival drug maker Schering-Plough Corp.

Pfizer shares rose 61 cents to $32.12, Pharmacia shares gained $1.11 to $45 and Schering-Plough climbed 57 cents to $17.39, all on the NYSE.

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