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Drones over U.S. may pose security risks
NEW YORK, Jan. 26 (UPI) -- Drugmaker Pfizer announced Monday it had reached a $68 billion cash-and-stock agreement to merge with U.S. rival Wyeth.
The combined company would "create one of the most diversified companies in the global healthcare industry," Pfizer, the world's largest drug company, said in a statement. It would also help the two companies save $4 billion in expenses, by combining redundant research, sales and office functions.
Research drug companies are laboring to find new blockbuster products to replace drugs with patent protections ending. Pfizer said Monday its fourth quarter revenues dropped 8 percent to $5.3 billion, compared to a year ago. Fourth quarter income dropped 90 percent, the company said, announcing it would cut its workforce 10 percent and reduce manufacturing cites from 46 to 41.
The terms of the deal include conversion of each share of Wyeth common stock to $33 cash plus 0.985 percent of a share of Pfizer common stock, subject to the terms of the merger agreement, the company said.
With financing tight on Wall Street, a consortium of banks said they would provide loans of $22.5 billion to help finance the deal, Pfizer said.
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