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Pfizer and Wyeth Reach Buy-Out Deal

Monday, January 26, 2009

Drugmakers Pfizer and Wyeth reached a $68 billion buy-out deal today.

Pfizer will acquire Wyeth, paying about 50 dollars a share, according to early reports in the New York Times and Wall Street Journal.

The deal will help Pfizer cushion itself against a steep revenue decline expected over the next several years as Lipitor, the world's best-selling drug, and other major products lost patent protection.

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