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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Excerpts

Background Note

PFIZER
Pfizer's roots date back to 1849 when German-American cousins Charles Pfizer and Charles Erhardt founded Charles Pfizer and Company (CPC), a fine chemicals business, in Williamsburg, Brooklyn. Production of citric acid contributed to CPC's growth through the 1880s...

WYETH
Wyeth was founded in 1860 by John Wyeth (John) and his brother Frank Wyeth when they opened a retail drugstore, John Wyeth & Brother (JWB), with a research lab in Philadelphia, US. In 1862, they started manufacturing large quantities of medicines commonly ordered by doctors...

The Deal

On January 26, 2009, Pfizer announced that it had entered into a definitive agreement to acquire Wyeth in exchange of US$ 68 billion in stock and cash. On the occasion, Jeffery Kindler (Kindler), Chairman and CEO of Pfizer, said, "The combination of Pfizer and Wyeth provides a powerful opportunity to transform our industry. It will produce the world's premier biopharmaceutical company whose distinct blend of diversification, flexibility, and scale positions it for success in a dynamic global health care environment. The new company will be an industry leader in human, animal, and consumer health. With our combined biopharmaceuticals business, it will lead in primary and specialty care as well as in small and large molecules. Its geographic presence in most of the world's developed and developing countries will be unrivaled."...

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