Pfizer's discussions to acquire Wyeth, the drug company that makes the antidepressant Effexor, have advanced, bringing the two pharmaceuticals giants closer to a potential merger, people briefed on the matter said Friday.
While no agreement had been reached, it was possible that a deal for Pfizer to buy Wyeth could be announced within days, said these people. Such a deal could be worth $60 billion or more, analysts say.
The merger would be popular among investors and analysts who have been pushing Pfizer to make a bold move. The drug maker has been struggling with flat revenue, diminishing returns on research and looming generic competition to Lipitor, the world's top-selling drug.
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