IHS Chemical Week

People & Business :: People/Executives

Pfizer to Acquire Wyeth, Cut Jobs, Close Sites

10:19 AM MST | February 9, 2009 | DEEPTI RAMESH

Pfizer has agreed to acquire Wyeth for $50.19/share, or a total of about $68 billion, in a deal that the companies say will create one of the most diversified health care firms worldwide. Pfizer also announced plans to lay off 10% of its workforce and close five sites to cut costs. The job cuts will span sales, manufacturing, R&D, and administrative functions. The merger is expected to close in the third or fourth quarter, pending antitrust regulatory approval. Pfizer made the announcements on the same day that it reported net profits down 90%, to $266...

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