Hints and tips:
...In the past, the group has relied on mega mergers such as its $68bn purchase of Wyeth in 2009 to drive growth. But the White House’s tough approach on antitrust makes large deals much riskier....
...Among other assignments, he advised Time Warner on its $80bn merger with AT&T, and represented Wyeth during its $68bn sale to Pfizer....
...Investors say Pfizer is in much better shape than when he took the top job in 2010, shortly after the company had completed the ill-fated acquisition of Wyeth for $68bn....
...A decade ago, Jeffrey Kindler, then chief executive of US drugs giant Pfizer, was plotting an audacious $68bn acquisition of rival Wyeth....
...The current version, mostly acquired with Wyeth in 2009, includes brands such as Centrum supplements and ChapStick....
...But it subsequently took on a new portfolio when it acquired Wyeth in 2010....
...A 2009 Supreme Court case involving prescription drug labels, Wyeth v Levine, greenlighted state laws that are stricter than federal laws....
...In the Wyeth case, this would be shared with another whistleblower, Lauren Kieff, a former sales representative for AstraZeneca, a rival of Pfizer’s....
...Before Pfizer bought Wyeth in 2009, the two companies employed 124,000 people. Pfizer now employs 78,000. Mr Read is quite right about maximising returns over the long run, though....
...In 2009, Pfizer paid $68bn to buy Wyeth. The buyer had revenues of $48bn; the target, $23bn....
...When Pfizer revealed its most recent mega-merger, the $68bn takeover of Wyeth in 2009, Jeffrey Kindler, then chief executive, hailed the deal as “a powerful opportunity to transform our industry”....
...Martoma had obtained non-public information about an experimental drug for Alzheimer’s that was being developed by listed companies Elan and Wyeth....
...However, a Pfizer-Allergan tie-up, would be the first full-scale combination between two top-20 pharma groups since Pfizer bought Wyeth and Merck acquired Schering-Plough in 2009....
...He initially showed little interest in megamergers of the kind Pfizer carried out in the prior decade with Wyeth and Warner-Lambert....
...supposed to solve the problems created by the last one — the burst of activity in which large pharmaceuticals groups such as GlaxoSmithKline and Pfizer, which bought Warner-Lambert for $90bn in 2000 and Wyeth...
...That was what happened in the last big round of consolidation, around the turn of the millennium, through Glaxo Wellcome’s merger with SmithKline Beecham and Pfizer’s with Warner-Lambert and Wyeth....
...You get immediate confrontation of views and discussion,” said Bernard Poussot, the former chief executive officer and president of Wyeth, who was appointed a non-executive director in 2010....
...When Pfizer announced its last huge buy, of Wyeth, it foresaw $2bn in pre-tax cuts to selling and back office costs, 10 per cent of the combined total....
...A year before, Pfizer had bought Wyeth, a rival drugmaker, for $68bn. It was the latest in a succession of large deals that greatly increased Pfizer’s scale but had done little for shareholder returns....
...Its last big deal, $68bn for Wyeth in 2009, began with $4bn in promised savings. After a merger, R&D can be held back by fear – of projects being cancelled or of staff being made redundant....
...Since 2000, the company has spent more than $200bn on the acquisition of Warner-Lambert, Pharmacia and Wyeth. Yet, the deals have done little to improve the underlying trend....
...Since acquiring large US rival Wyeth in 2009, it has cut its research budget from $11bn to $6.7bn. To believe it would act differently with AstraZeneca seems simply naive....
...In the five years since Pfizer bought Wyeth, it has cut about half the total research and development spending made by the two companies the year before the deal....
...For Pfizer, a deal would add to its history of megamergers, including its $69bn takeover of Wyeth in 2009 and its $111.8bn deal with Warner-Lambert in 2000....
...Announcing measures related to the integration of Wyeth, which it acquired in 2009 for $68bn, Pfizer said it would leave the city and move 1,400 staff to a nearby site at Groton....
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