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Pfizer announces Wyeth acquisition

30 Jan 2009

Pfizer is to acquire Wyeth in a deal valued at approximately £68 billion (£47.6 billion), it has been announced.

In a statement released in recent days, it was noted the boards of directors from both companies have approved the transaction.

The firms state the combined enterprise will be one of the most diversified companies in the global health care sector and will be able to offer products from a range of developing therapeutic areas, as well as a strong product pipeline.

Jeffrey B Kindler, chairman and chief executive of Pfizer, said the creation of the new business provides a change to "transform" the 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," he added.

Earlier this week, Pfizer announced reported revenues of $12.3 billion for the fourth quarter of 2008.

This compared to $12.9 billion in 2007''s final quarter.