Two Become One

Economy Medical A couple of the nation's largest drug-makers are merging.
by The Associated Press
Published: Mon, January 26, 2009 - 11:11 am CST Last Updated: Mon, January 26, 2009 - 11:14 am CST
NEW YORK (AP) - Two of the biggest drug developers in the
pharmaceutical industry are becoming one.
Pfizer, the biggest drug-maker in the world, is agreeing to pay
$68 billion for rival company Wyeth.
The boards of directors of both companies have approved the
deal.
Pfizer is the maker of Lipitor and Viagra. But its profits have
taken a hit from a $2.3 billion legal settlement over allegations
that it marketed some products for uses for which they hadn't been
approved.
Pfizer has also been facing the prospect of generic competition
for some products, as they lose patent protection. The cholesterol
treatment Lipitor faces generic competition starting in November of
2011. Acquiring Wyeth will help it diversify.
Pfizer will pay just over $50 a share for Wyeth. That's a
premium of nearly 15 percent over the company's closing price on
Friday.
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