Pfizer Completes Wyeth Takeover

15 October 2009 (Last Updated October 15th, 2009 18:30)

Pfizer has announced that it has completed its acquisition of Wyeth, adding a raft of new human, animal, and consumer health vaccines, biologics and nutritional products to its stable. Pfizer chairman and chief executive officer Jeffrey B Kindler said that Pfizer's newly strengthened com

Pfizer has announced that it has completed its acquisition of Wyeth, adding a raft of new human, animal, and consumer health vaccines, biologics and nutritional products to its stable.

Pfizer chairman and chief executive officer Jeffrey B Kindler said that Pfizer's newly strengthened company will have some of the best assets, people, pipeline and capabilities in the industry.

"We will measure our success through our company's new commitments, which include advancing wellness, prevention, treatments and cures that serve the world's diverse health needs, while maximising our financial performance," Kindler said.

The acquisition will boost Pfizer's pipeline of biopharmaceutical development projects in critical areas, including Alzheimer's disease, oncology, pain, neuroscience, diabetes and inflammation.

The transaction is anticipated to yield earnings of approximately $4bn by the end of 2012, in addition to the $2bn in net annual cost savings that the company plans to achieve by the end of 2011.

Pfizer has also established two distinct research and development organisations, the PharmaTherapeutics Research & Development group, focused on the discovery of small molecules and related modalities, and the BioTherapeutics Research & Development group, which focuses on large-molecule research, including vaccines.

The deal has also allowed Pfizer to strengthen its global footprint in the US, Europe, Asia and Latin America as well as in key emerging markets such as China and the Middle East.