Wednesday, April 15, 2009

Pfizer Reorganizes for Wyeth Deal With Biotech Focus

(Bloomberg) -- Pfizer Inc. is breaking its research operations into two units, a biotechnology division to be led by a senior executive from Wyeth and a pharmaceutical group that will be run by a Pfizer scientist.

The reorganization, designed to smooth the integration of Wyeth, will take effect when Pfizer’s planned $63 billion acquisition closes later this year, Pfizer said today in a statement. Pfizer will retain eight Wyeth executives, including Mikael Dolsten, now president of Wyeth research. Dolsten will lead the combined company’s biotechnology arm.

Chief Executive Officer Jeffrey Kindler has been restructuring research operations at New York-based Pfizer for two years. He agreed to buy rival Wyeth, based in Madison, New Jersey, to add vaccines, biotechnology medicines and over-the- counter products. Pfizer, the world’s biggest drugmaker, needs to increase new-drug development as it braces to lose $10 billion in annual sales in 2011, when patent protection ends for its cholesterol pill Lipitor, analysts said.

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