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Pfizer Acquires Wyeth

In October, Pfizer and Wyeth announced that Pfizer, the world’s largest pharmaceutical company, has completed its acquisition of Wyeth. According to an October 15, 2009, Pfizer press release, the acquisition was completed upon the “receipt of regulatory approval from all government authorities required by the merger agreement and approval by Wyeth shareholders.”


Wyeth manufactures many over-the-counter drugs such as the pain reliever Advil®, the cold and allergy formula Dimetapp®, and Centrum® vitamins. It also makes several products to treat bleeding disorders: BeneFIX® is a recombinant factor IX product indicated for the control and prevention of hemorrhagic episodes in patients with hemophilia B, including control and prevention of bleeding in surgical settings. XYNTHA™ is a recombinant factor VIII product for patients with hemophilia A for the control and prevention of bleeding episodes and surgical prophylaxis.


The companies started joint operations on October 16, 2009. The same day Pfizer posted a follow-up press release, Pfizer and Wyeth Become One: Working Together For A Healthier World™.


“Pfizer’s newly strengthened company will have some of the best assets, people, pipeline and capabilities in the industry,” said Jeffrey B. Kindler, chairman and chief executive officer of Pfizer. “We have a clear responsibility to turn those strengths into meaningful results for patients, customers and the communities we serve, as well as for our shareholders. 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 maximizing our financial performance.


“We are pleased to welcome our talented new colleagues from Wyeth to Pfizer, including many first-class scientists and business leaders. We are proud that our new and existing colleagues possess all of the highly valuable skills and experience essential to every aspect of our business, and share our passion for improving health and well-being at every stage of life.”


Source: Pfizer press releases dated October 15 & 16, 2009