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R&D Directions Insider

It’s official: Pfizer buying Wyeth

January 26, 2009 – 10:04 am by Michael Christel

Well, that didn’t take long. News leaked Friday that the gargantuan deal might be possible. Just one business day later, it’s a reality. Both companies confirmed today that they have entered into a definitive merger agreement under which Pfizer will acquire Wyeth in a cash-and-stock transaction totaling about $68 billion, or $50.19 per share. And you thought Pfizer was already too big for its britches. The company, which has been criticized for making big acquisitions in the past, said on its Website, “The combined company will create one of the most diversified companies in the global health care industry, with product offerings in numerous growing therapeutic areas, a strong product pipeline, and leading scientific and manufacturing capabilities.”

More to come from a joint remote press conference scheduled for this morning.

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