Pfizer is under contract to purchase Wyeth for $68 billion. CNN Money reports:
Pfizer announced Monday that it has signed a deal to acquire the smaller drugmaker Wyeth for $68 billion, and thousands of job cuts will follow.
New York-based Pfizer, already the world’s leading drugmaker, becomes even larger following the cash-and-stock deal with Wyeth, based in Madison, N.J.
The deal values Wyeth shares at $50.19 each, a nearly 15% premium to Friday’s closing price. Pfizer agreed to pay $33 in cash and 0.985 share in Pfizer stock for each Wyeth share.
Pfizer said it would cut 10% of its staff and close five of its manufacturing plants. The company said it employed 81,900 staffers at the end of 2008. The company already cut 4,700 jobs in 2008.
Now you can buy your Advil, Centrum multivitamins, Preparation H, condoms, Lipitor, and Viagra from Pfizer. I can see their new logo now: We have the whole body covered.