Wyeth voters OK $68b Pfizer deal

July 21, 2009|Associated Press

TRENTON, N.J. - Shareholders of drug maker Wyeth voted overwhelmingly yesterday to be bought by industry giant Pfizer Inc. More than 98 percent of Wyeth stockholders voted for the $68 billion acquisition.

The deal transforms New York-based Pfizer from being primarily a maker of blockbuster pills to a one-stop shop for medical treatments. That is because Wyeth, the number 12 drug maker, brings multibillion-dollar products and substantial expertise in creating and manufacturing biologic drugs, vaccines, nonprescription medicines, and animal health products.

The merger marries Wyeth’s children’s vaccine Prevnar and biologic rheumatoid arthritis drug Enbrel to Pfizer staples such as the impotence pill Viagra and the cholesterol fighter Lipitor, the world’s best-selling drug, at $12.5 billion a year in revenue.

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