Pfizer's Acquisition of Wyeth
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Case Details:
Case Code : BSTR342
Case Length : 19 Pages
Period : 2008-09
Pub Date : 2009
Teaching Note :Not Available
Organization : Pfizer Incorporated, Wyeth
Industry : Pharmaceuticals
Countries : US
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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
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Introduction Contd...
The managements of both companies estimated that a cost
saving of up to US$ 4 billion would result from the merger by the end of three
years after the deal was closed.
Pfizer, the largest pharmaceutical company in the world, had annual revenues of
US$ 48 billion in the fiscal year 2008 (Refer to Exhibit IA, IB and IC for
Financial Details of Pfizer). The company grew steadily over the decades to
become the largest pharmaceutical company by producing several blockbuster drugs5
and also through a series of acquisitions.
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Its most successful drug, Lipitor, the world's largest selling drug used to treat high cholesterol, contributed about US$ 12 billion to Pfizer's revenue in the fiscal year 2008. The patent for Lipitor was to expire in 2011 after which generic drug makers would be allowed to sell drugs developed using Lipitor's formula.
Wyeth was ranked ninth in the world in terms of 2008 annual revenues (Refer to
Table I for Top Ten Pharma Companies Based on 2008 Revenues). The company
generated revenues of US$ 22.3 billion in the fiscal 2008 (Refer to Exhibit IIA,
IIB, and IIC for Financial Details of Wyeth). Wyeth had a broad portfolio of
products ranging from vaccines and prescription drugs to consumer healthcare and
animal healthcare...
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