InfoAnda - Pfizer to acquire rival Wyeth for $68 bln

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Pfizer to acquire rival Wyeth for $68 bln AFP - 2 hours 17 minutes ago NEW YORK (AFP) - - US drug manufacturer Pfizer Inc. will acquire rival Wyeth for 68 billion dollars, making it the largest pharmaceutical takeover deal in nearly a decade, the two companies announced early Monday. A consortium of banks has agreed to provide a total of 22.5 billion dollars to finance the deal. Under the terms of the cash-and-stock transaction, each outstanding share of Wyeth common stock will be converted into a shareholder right to receive 33 in cash and 0.985 of a share of Pfizer common stock. The acquisition will be financed through a combination of cash, debt and stock. The boards of directors of both companies have approved the merger. "The combination of Pfizer and Wyeth provides a powerful opportunity to transform our industry," Jeffrey Kindler, chairman and chief executive officer of Pfizer said in a staement. "It will produce the world's premier biopharmaceutical company whose distinct blend of diversification, flexibility, and scale positions it for success in a dynamic global health care environment." Wyeth president an CEO Bernard Poussot said that combining with Pfizer will accelerate the company's "pursuit of innovative new medicines to meet critical unmet patient needs." The deal appears to be the largest takeover in the pharmaceutical sector since Pfizer acquired Warner-Lambert Co. for 93.4 billion dollars in 2000. Participants said the new company will have more resources to invest in research and development than any other biopharmaceutical company and access to all leading scientific technology platforms, including vaccines, small and large molecules, nutritionals and consumer products. According to The Wall Street Journal, Pousso and his management team are not expected to remain with the company after the takeover. Email Story IM Story Printable View Blog This Recommend this article Average (1 vote) Sign in to recommend this article » Most Recommended Stories » Enlarge Photo US drug manufacturer Pfizer Inc. will acquire rival Wyeth for 68 billion dollars, making it the largest pharmaceutical takeover deal in nearly a decade Most Popular – Top Stories Viewed Child matador kills six bulls in Mexico Hudson 'miracle' pilot gets hero's homecoming Global warming could unleash ocean 'dead zones': study 'Dogs don't wear condoms,' says Baywatch star Anderson Ring of fire: Indian Ocean to see solar eclipse View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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