Pfizer and Wyeth Reach Buy-Out Deal
Monday, January 26, 2009
New York, NY —
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.