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Pfizer merger, the SUGEN site was shut down in 2003, with the loss of over 300 j
obs, and several programs were transferred to Pfizer. These included sunitinib (
Sutent), which was approved for human use by the FDA in January 2006, passed $1
billion in annual revenues for Pfizer in 2010.[23] A related compound, SU11654 (
Toceranib), was also approved for canine tumors, and the ALK inhibitor Crizotini
b also grew out of a SUGEN program.[24]
In 2008, Pfizer announced 275 job cuts at the Kalamazoo manufacturing facility.
Kalamazoo was previously the world headquarters for the Upjohn Company.[25]
Wyeth acquisition
On January 26, 2009, after more than a year of talks between the two companies,
Pfizer agreed to buy pharmaceuticals rival Wyeth for a combined US$68 billion in
cash, shares and loans, including some US$22.5 billion lent by five major Wall
Street banks. The deal cemented Pfizer's position as the largest pharmaceutical
company in the world, with the merged company generating over US$20 billion in c
ash each year, and was the largest corporate merger since AT&T and BellSouth's U
S$70 billion deal in March 2006.[26] The combined company was expected to save U
S$4 billion annually through streamlining; however, as part of the deal, both co
mpanies must repatriate billions of dollars in revenue from foreign sources to t
he United States, which will result in higher tax costs. The acquisition was com
pleted on October 15, 2009, making Wyeth a wholly owned subsidiary of Pfizer.[7]
The merger was broadly criticized. Harvard Business School's Gary Pisano told Th
e Wall Street Journal, "the record of big mergers and acquisitions in Big Pharma
has just not been good. There's just been an enormous amount of shareholder wea
lth destroyed."[27] Analysts said at the time, "The Warner Lambert and Pharmacia m
ergers do not appear to have achieved gains for shareholders, so it is unclear w
ho benefits from the Wyeth Pfizer merger to many critics."[28]
King Pharmaceuticals acquisition
In October 2010, Pfizer agreed to buy King Pharmaceuticals for $3.6 billion in c
ash or $14.25 per share: an approximately 40% premium over King's closing share
price October 11, 2010.[29]
2011 present
In February 2011, it was announced that Pfizer was to close its UK research and
development facility (formerly also a manufacturing plant) in Sandwich, Kent, wh
ich at the time employed 2,400 people.[30] However, as of 2014, Pfizer has a red
uced presence at the site;[31] it also has a UK research unit in Cambridge.[32]
On September 4, 2012, the FDA approved a Pfizer pill for a rare type of leukemia
. The medicine, called Bosulif, treats chronic myelogenous leukemia (CML), a blo
od and bone marrow disease that usually affects older adults.[33]
In July 2014, the company announced it would acquire Innopharma for $225 million
, plus up to $135 million in milestone payments, in a deal that expanded Pfizer'
s range of generic and injectable drugs.[34]
On January 5, 2015, the company announced it would acquire a controlling interes
t in Redvax for an undisclosed sum. This deal expanded the company's vaccine por
tfolio targeting human cytomegalovirus.[35] In March 2015, the company announced
it would restart its collaboration with Eli Lilly surrounding the phase III tri
al of Tanezumab. Pfizer is expected to receive an upfront sum of $200 million.[3
6] In June 2015, the company acquired two meningitis drugs from GlaxoSmithKline Ni
menrix and Mencevax for around $130 million, expanding the company's meningococcal
disease portfolio of drugs.[37]
Zoetis
Main article: Zoetis
Plans to spin out Zoetis, the Agriculture Division of Pfizer and later Pfizer An
imal Health, were announced in 2012. Pfizer filed for registration of a Class A
stock with the U.S. Securities and Exchange Commission on August 13, 2012.[38] Z
oetis's IPO on February 1, 2013, sold 86.1 million shares for US$2.2 billion.[39
] Pfizer retained 414 million Class B shares, giving it an 83% controlling stake
in the firm.[40] The offering's lead underwriters were JPMorgan Chase, Bank of
America, Merrill Lynch, and Morgan Stanley.[39] Most of the money raised through
the IPO was used to pay off existing Pfizer debt.[41]
Attempted AstraZeneca acquisition
In April 2014, it was reported that Pfizer had reignited a $100 billion takeover
bid for the UK-based AstraZeneca,[42][43] sparking political controversy in the
UK,[44] as well as in the US.[45] On May 19, 2014, a "final offer" of 55 a share
was rejected by the AstraZeneca board, which said the bid was too low and impos
ed too many risks. If successful, the takeover the biggest in British history would
have made Pfizer the world's largest drug company.[46] Hopes for a renewed bid l
ater in the year were dashed when Pfizer signed a major cancer drug deal with Me
rck KGaA, selling its sharing rights to develop an experimental immunotherapy dr
ug for a fee of $850 million.[47]
Hospira
In February 2015, Pfizer and Hospira agreed that Pfizer would acquire Hospira fo
r $15.2 billion,[48] a deal in which Hospira shareholders would receive $90 in c
ash for each share they owned.[49][50] Including debt, the deal is valued at aro
und $17 billion.[48] Hospira is the largest producer of generic injectable pharm
aceuticals in the world.[51]
Attempted Allergan acquisition
Main article: Allergan, Plc
On November 23, 2015, Pfizer and Allergan, Plc announced their intention to merg
e for an approximate sum of $160 billion, making it the largest pharmaceutical d
eal ever, and the third largest corporate merger in history. As part of the deal
, the Pfizer CEO, Ian Read, was to remain as CEO and chairman of the new company
, to be called "Pfizer, plc", with Allergan's CEO, Brent Saunders, becoming pres
ident and chief operating officer. As part of the deal, Allergan shareholders wo
uld receive 11.3 shares of the company, with Pfizer shareholders receiving one.
The terms proposed that the merged company would maintain Allergan's Irish domic
ile, resulting in the new company being subject to corporation tax at the Irish
rate of 12.5%.[52] The deal was to constitute a reverse merger, whereby Allergan
acquired Pfizer, with the new company then changing its name to "Pfizer, plc".[
53][54][55] The deal was expected to be completed in the second half of 2016, su
bject to certain conditions: US and EU approval, approval from both sets of shar
eholders, and the completion of Allergan's divestiture of its generics division
to Teva Pharmaceuticals (expected in the first quarter of 2016).[53] On April 6,
2016, Pfizer and Allergan announced they would be calling off the merger after
the Obama administration introduced new laws intended to limit corporate tax inv
ersions (the extent to which companies could move their headquarters overseas in
order to reduce the amount of taxes they pay).[56]
Acquisition history
[show]
Illustration of the company's mergers, acquisitions, spin-offs and historical
predecessors
Operations
The headquarters of Pfizer Japan in Tokyo
Pfizer is organised into nine principal operating divisions: Primary Care, Speci
alty Care, Oncology, Emerging Markets, Established Products, Consumer Healthcare
, Nutrition, Animal Health, and Capsugel.[66]
Partnerships
James C. Smith
Marc Tessier-Lavigne
Senior management
Chief Executive Officer (CEO) and Chairman of the Board: Ian Read[76]
Chief Financial Officer (CFO) and Executive Vice President: Frank A. D'Ameli
o
Strategy and Business Development and Executive Vice President: Laurie Olsen
Chief Compliance & Risk Officer and Executive Vice President: Rady Johnson
Chief Medical Officer and Executive Vice President: Freda Lewis Hall
General Counsel and Executive Vice President: Doug Lankler
Chief Communications Officer and Executive Vice President: Sally Susman
President of Global R&D: Mikael Dolsten
President
Pfizer Global Manufacturing: Anthony Maddaluna
Executive Vice President Worldwide Human Resources: Chuck Hill
President and General Manager, Global Innovative Pharmaceuticals: Geno Germa
no
President and General Manager, Global Established Pharmaceuticals: John Youn
g
President and General Manager, Vaccines, Oncology and Consumer: Albert Bourl
a
Products
Pharmaceutical products
United States incidence of
uction of the 7-valent and
United States incidence of
uction of the 7-valent and