Summary
Pfizer plans to slash 18,000 to 19,000 jobs as part of its $68 billion acquisition of Wyeth for "synergies" of around $4 billion. It's a punt, aimed at plugging the $12.7 billion hole that the expiration of Lipitor patents will blow in the company's top line in two years -- a hole that Pfizer's mighty labs have been unable to fill. Tim Anderson, senior analyst at Seidler Bernstein, said Pfizer's in a pickle, and the Wyeth buy gives it an out, but in the long term, he wonders if it might not benefit the company more to shrink while focusing on R&D innovation.
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Extract
Does Merge-and-Purge Cost Firms R&D?
HAS THE DRUG industry simply gotten too big for its britches? We wondered when we got word of Pfizer's latest binge and purge, a drill that's doubtles...
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