Pfizer completes Wyeth acquisition
Pfizer has completed its US$68m acquisition of Wyeth following regulatory approval and consent from Wyeth shareholders. The companies began joint operations today (16 October, 2009).
Pfizer has completed its US$68m acquisition of Wyeth following regulatory approval and consent from Wyeth shareholders. The companies began joint operations today (16 October, 2009).
Pfizer now has a broad and diversified global product portfolio, with strengthened capabilities in biotechnology, vaccines, consumer healthcare, nutrition and animal health. The company expects that no drug will account for more than 10% of the combined company's revenue by 2012.
The combined company also has a "robust and growing" pipeline of biopharmaceutical development projects in Alzheimer's disease, oncology, pain, neuroscience, diabetes and inflammation. The company says the combination of top scientists from both companies, leading scientific and manufacturing capabilities, and a global network of clinical development centres, has greatly enhanced its ability to innovate.
"Pfizer's newly strengthened company will have some of the best assets, people, pipeline and capabilities in the industry," said Jeffrey Kindler, chief executive of Pfizer.
Since the acquisition agreement was announced in January, integration teams at Pfizer and Wyeth have worked to ensure that the combined company is fully operational immediately upon the closure of the transaction.
Pfizer will now be organised into two groups. The biopharmaceuticals business includes emerging markets, established products, oncology, primary care and specialty care, including vaccines. The diversified businesses are animal health, Capsugel, consumer healthcare and nutrition.
Pfizer also now has two distinct r&d organisations: PharmaTherapeutics, which will focus on the discovery of small molecules and related modalities, and BioTherapeutics, which will focus on large-molecule research, including vaccines.
Pfizer's executive leadership team includes senior managers from both companies. As well as Kindler, the team includes chief financial officer Frank D'Amelio. Mikael Dolsten and Martin Mackay have been appointed as presidents of Biotherapeutics and PharmaTherapeutics r&d respectively.
The acquisition is anticipated to yield savings of approximately US$4bn by the end of 2012.
Pfizer says it has yet to decide whether there will be any job cuts or site closures as a result of the merger.