Pfizer Makes Move into Biotech Drugs and Vaccines, Set to Purchase Wyeth

U.S. drug-maker Pfizer has taken an active approach to preventing a slip in revenue, announcing plans to purchase rival drug-maker Wyeth for $68 billion.

The move will push Pfizer into a new field as Wyeth concentrates on biotech drugs and vaccines while Pfizer has made billions off drugs like Lipitor and Viagra.

Pfizer is facing the prospect of losing billions of dollars in just a few years as their patent protections expire, opening the door for generic drugs to enter the market. The decision to purchase Wyeth is seen as a means to offset those losses.

The deal to purchase Wyeth will be financed through cash, debt and stock.

Pfizer is coming off a disappointing fourth quarter in which their profits were limited to $268 million following the loss of $2.3 billion in legal settlements.

Click here for more Business News

About The Global Market Directory (TheGMD)

TheGMD provides an online global directory listing featuring public companies, stock brokers, brokerage firms and individuals.  The GMD provides profiles for Brokerage Firms, Stock Brokers and Individuals in addition to Public Companies.

The GMD is a division of TransWorldNews, Inc. Companies can utilize the TransWorldNews press release distribution services and have all news releases attached to their GMD profile.

Create your profile on The Global Market Directory.