Saturday, January 24, 2009

Pfizer said to be in talks to buy Wyeth

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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