January 27, 2009 |
No. 1 drug maker Pfizer Inc. said Monday that it was buying No. 12 Wyeth for $68 billion in a deal that would quickly boost Pfizer's revenue and profit and transform it overnight into a more diversified company less reliant on its dwindling drug pipeline.
January 26, 2009 |
Pfizer Inc. would pay about $68 billion to acquire Wyeth in a bid reviewed Sunday by boards for the two drug companies, according to people familiar with the talks. The New York Times and the Wall Street Journal reported that the deal could be announced before the markets open today. Wyeth shareholders would get $50.19, including $33 in cash and 0.985 Pfizer shares, one source said. That's a 29% premium on Wyeth's price Thursday, before word of the talks became public.
October 22, 2008 |
Pfizer Inc., the world's biggest drug maker, said profit tripled as lower costs from job cuts and higher international sales offset declining U.S. demand for its cholesterol pill Lipitor and anti-smoking drug Chantix. Sales in the U.S. fell 15% after patients continued to switch from Lipitor, the world's best-selling drug, to generic copies of Merck & Co.'s cholesterol pill Zocor, New York-based Pfizer said. Doctors also shunned Chantix after U.S. regulators cautioned it might be linked to suicides.
October 1, 2008 |
Pfizer Inc. is shifting its drug research focus to diseases that have high potential for big profits and for treatment improvements in such fields as cancer and Alzheimer's disease. The world's biggest drug maker also is ending new research on conditions including obesity and heart disease, but research on drugs already in late-stage human testing will continue, spokeswoman Liz Power said Tuesday.
February 26, 2008 |
Pfizer Inc. said Monday that it was voluntarily withdrawing advertising for its Lipitor cholesterol drug featuring Robert Jarvik, inventor of the Jarvik artificial heart, because its ads led to "misimpressions." The ads involving Jarvik had come under scrutiny, including from a House committee as part of an investigation into celebrity endorsements of prescription medicines.
December 26, 2007 |
A judge in Nigeria ordered the arrest of three executives of New York-based drug company Pfizer Inc., saying they failed to honor an order to appear in court over a $2-billion suit the company is facing for a 1996 drug trial. Judge Shehu Atiku, sitting in Kano, Nigeria, said the executives of the Pfizer subsidiary in Nigeria had not heeded a Nov. 6 ruling that they should appear in court.