Pfizer has combined operations with Wyeth following the closing of the acquisition on 15 October, 2009. Pfizer can now offer products in human, animal, and consumer health, including vaccines, biologics, small molecules and nutrition across the developed and emerging markets.
Reportedly, since the acquisition agreement was announced in January, integration teams at Pfizer and Wyeth have worked diligently to ensure that the combined company is fully operational immediately upon the closing of the transaction. To further advance these objectives, Pfizer previously has announced a new approach to research and development and an enhanced commercial operating structure, and named select leaders to posts that became effective upon closing of the acquisition. As a result of these actions, Pfizer is expected begin to capitalise on the benefits offered by the combination with Wyeth starting immediately.
Pfizer has said that the combined company has strengthened capabilities in biotechnology, vaccines, consumer healthcare, nutrition and animal health. It is expected that no drug will account for more than 10% of the combined company’s revenue in 2012.
Pfizer has also said that the combined company has a growing pipeline of biopharmaceutical development projects to help patients in critical areas, including Alzheimer’s disease, oncology, pain, neuroscience, diabetes and inflammation.
The company has added that now it has two distinct research and development organisations to maximise new opportunities in biopharmaceutical research. The PharmaTherapeutics Research & Development group focuses on the discovery of small molecules and related modalities, and the BioTherapeutics Research & Development group focuses on large-molecule research, including vaccines.
According to Pfizer, the acquisition is expected to be accretive to Pfizer’s adjusted diluted earnings per share 1 in the second full year after closing. The transaction is anticipated to yield synergies of approximately $4b by the end of 2012. These synergies, which are in addition to the approximately $2b in net annual cost savings that it has plan to achieve by the end of 2011 apart from the Wyeth acquisition, are expected in selling, informational and administrative functions, research and development, and manufacturing.
Jeffrey Kindler, chairman and CEO of Pfizer, said: “Pfizer’s newly strengthened company will have some of the best assets, people, pipeline and capabilities in the industry. We have a clear responsibility to turn those strengths into meaningful results for patients, customers and the communities we serve, as well as for our shareholders. We will measure our success through our company’s new commitments, which include advancing wellness, prevention, treatments and cures that serve the world’s diverse health needs, while maximizing our financial performance.
“We are pleased to welcome our talented new colleagues from Wyeth to Pfizer, including many first-class scientists and business leaders. We are proud that our new and existing colleagues possess all of the highly valuable skills and experience essential to every aspect of our business, and share our passion for improving health and well-being at every stage of life.”