Word: pfizer
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...recently unemployed and worried about the cost of medication, Pfizer wants to help. The world's largest pharmaceutical firm announced plans to provide free one-year supplies of more than 70 of its most widely prescribed drugs--including Viagra and Lipitor--to Americans laid off since Jan. 1 who have been taking the drugs for at least three months. Sure beats sneaking them in from Canada...
...Pfizer (PFE) may be the best proxy for the fortunes of large U.S. pharmaceutical companies. It has a market cap of more than $88 billion and annual revenue of almost $50 billion, making it the largest drug company in the world. It is in the midst of buying rival Wyeth for $68 billion and is cutting staff and costs rapidly as some of its most profitable drugs lose their patent protections, a problem across the entire industry. Pfizer has a short interest of almost 174 million shares. and average daily trading volume of 54 million shares. Pfizer traded at over...
...offer guidance on more of the nation's largest deals than any of its rivals, according to Dealogic, which tracks financial activity. Globally, Citi has been a part of four of the six largest deals in 2009. Its biggest score came in January when it was picked by Pfizer to be one of the drugmaker's advisors on its $68 billion acquisition of rival Wyeth. "We are very proud of the success we have had this year," gushes Mark Shafir, who is the head of the M&A division at Citi...
...Wall Street. Companies doing an acquisition or being bought typically hire an investment bank, or a few, to steer them through the transaction. The companies pay fees for this work, which advisers for both the buyer and seller usually split. For large transactions these fees can be substantial: Pfizer is paying an estimated $207 million in M&A fees to the seven banks that are acting as advisors to both companies...
...being acquired. Working together may set off the creative sparks that drive new discoveries. Or, they may not. The real but hidden definition of the word "synergy" is firing lots of people. The recently closed marriage between Dow Chemical (DOW) and Rohm and Haas (ROH) was about firing people. Pfizer (PFE) bought drug company Wyeth (WYE) for the same reason. Being in the pharmaceuticals business is not what it used to be. Blockbuster drugs face competition. Keeping hundreds of research scientists around is expensive. (See pictures of the global financial crisis...