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...The academics needed an industrial partner, but Mr Curstedt says that Pharmacia, a Swedish drugs company which has since become part of Pfizer, felt “the sales were too small and the marketing costs too...
...The sale of Meda risks a further hollowing out of Sweden’s pharmaceuticals sector, which in the past two decades has seen Pharmacia bought by Pfizer of the US and Astra merged with Zeneca of the UK....
...to Upjohn of the US and then Pfizer....
...She also believes that Pfizer was less to blame over Pharmacia than some suggest....
...Mr Heldin said foreign takeovers of both Astra and Pharmacia, which was first bought in 1995 by Upjohn of the US, had been “very bad” for Sweden....
...The company declined to comment on the Pharmacia deal....
...So has the independence of that country’s entire pharmaceutical sector, with Pharmacia absorbed by Pfizer of the US and Astra merged into AstraZeneca, based in the UK....
...Pfizer has led the consolidation, having become the world’s biggest drug company by swallowing up Warner Lambert, Pharmacia, Wyeth and others....
...Pfizer learned its lesson after its two other deals this decade, Warner-Lambert in 2000 and Pharmacia in 2003, gave it access to blockbusters but destroyed shareholder value (particularly the latter, which...
...AstraZeneca was created in a £52bn ($102bn) deal in 1999; GlaxoSmithKline from a £120bn deal in 2001 while Pfizer launched a $53bn takeover of Pharmacia in 2003....
...Acquired when Pfizer bought Pharmacia in a takeover completed in 2000, Bextra, a painkiller in the same Cox-2 class as Merck’s Vioxx, was one of two drugs drawn to the attention of regulators and lawyers...
...Pfizer launched a $53bn takeover of Pharmacia in 2003 and Sanofi-Aventis was formed from a $64bn merger in 2004. But the megamerger strategy has failed to create value for shareholders....
...In 2004, Pfizer sold off a diagnostics business it had acquired as part of Pharmacia. Diagnostic groups may also be getting too expensive....
...But what really has made them different over the past decade is that Pfizer has led the drumbeat of consolidation in Big Pharma with its acquisition of Warner-Lambert and then Pharmacia for $60bn in 2003...
...In the case of Pharmacia and Upjohn noted above, all three were lacking; neither party could understand the other, and neither seems to have made much attempt to try....
...Phadia, previously known as Pharmacia Diagnostics, was put up for sale by PPM Capital, a division of UK life assurer Prudential and Triton, a private equity fund. UBS handled the sale....
...As Ian Read, president of worldwide pharmaceutical operations, put it in his presentation to analysts on Monday, the aim is to reduce the cost base with a “return to pre-Pharmacia headcount” – a reference...
...It acquired Warner-Lambert for about $90bn in 2000 and Pharmacia for about $60bn in 2003 to gain more diversity in its product portfolios....
...Pfizer, for example, found that deals with Warner-Lambert and Pharmacia at the start of the decade exacerbated as many problems as they solved, by adding more medicines about to come off-patent and a bigger...
...Critics’ of Pharmacia’s merger with Upjohn, where the Swedish-American group’s headquarters were moved to neutral London, have pointed to a similar risk....
...group Pharmacia in 2002. Farmers from Brazil to the US and Australia are increasingly looking for seeds that have been engineered to prevent crops succumbing to insect damage or disease....
...He says he saw it coming and moved Pharmacia’s headquarters from London to New Jersey in 1997. “I think in hindsight that move saved Pharmacia and Upjohn.”...
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