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Pfizer Improves Facilities after Wyeth Acquisition

November 11, 2009

New York - The medicine giant, Pfizer has renovated their research and development facilities in 20 days after they bought Wyeth last October 15 for $67.3 billion, CEO Jeffery Kindler announced the other day.

Six research and development facilities were closed. Furthermore, they plan to reduce 35 percent of their research sites. Some of their employees were laid off in the US and Britain.

“Over time we expect it to contribute growth to the company,” Kindler said. “Our objectives are to stabilize and grow it . . . It will become a more prominent area of our business over next several years.”

Pfizer had been too dependent on Lipitor, a prescription drug for cholesterol, which earns almost $12 billion each year. It provides 15 percent of the company’s annual revenue.

They plan to acquire other drug companies in the future. “We will have all the resources we need to do all the business development deals we need; that will not be a challenge for us,” he said. Pfizer will also work with other drug companies for drug development even if it means sharing of profits with them.

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