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Pfizer nears USD 68 bln deal to buy Wyeth

PHILADELPHIA/AMSTERDAM - Pfizer Inc, the No.1 drugmaker, was close to a USD 68 billion purchase of U.S. rival Wyeth in a move to diversify its revenue base, sources familiar with the situation said.

The boards of the U.S. rivals held separate meetings on Sunday to finalize an agreement and an announcement was seen as imminent, said three sources with direct knowledge of the talks. One source said Pfizer was still finalizing a USD 25 billion financing package to fund the deal.

The deal would help Pfizer cope with a major gap in revenue in 2011, when its blockbuster Lipitor cholesterol treatment will begin to face U.S. generic competition. Pfizer would realize major cost savings by streamlining areas that overlap. Pfizer was expected to pay roughly USD 50.19 per share for Wyeth, sources said.

Pfizer would pay USD 33 per share in cash and 0.985 per share of Pfizer stock for each share of Wyeth. The sources were not authorised to talk to the media. A merger of Pfizer and Wyeth could trigger a wave of consolidation in the cash-rich pharmaceutical sector as drug makers look to diversify revenues in the face of competition from generic-drug rivals, analysts said.

 

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Tags: pfizer wyeth

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