Report: Pfizer May Buy Wyeth for $60 Billion
A PharmaLive Staff Report
New York's Pfizer Inc. is in talks to acquire New Jersey-based Wyeth for more than $60 billion, according to a report in the Wall Street Journal. The two companies have discussed a merger for months, but people close to the situation said that a deal isn't imminent right now, the paper said on its website.
Spokespeople for both companies declined comment, the WSJ reports, but combining these two companies would result in combined revenue of about $75 billion and several blockbuster drugs, including Pfizer's cholesterol drug Lipitor and Wyeth's vaccine Prevnar. Pfizer may use a combination of cash and stock for the acquisition. Wyeth has a market capitalization of about $52 billion.
Earlier this month, Pfizer CEO Jeff Kindler told the Financial Times that it is open to acquisitions. ""The real goal is to grow revenues," he said. "We are open to opportunities and constantly looking at those which are big, small and in-between."
Posted: January 2009