Drugmaker Prescription: Pfizer to Buy Wyeth
The world's largest pharmaceutical company, Pfizer has announced an agreement to buy one of its rivals, Wyeth, for $68 billion, the Wall Street Journal reports.
Wyeth's biggest over-the-counter seller is the pain medication Advil (ibuprofen), which is the largest OTC ibuprofen brand sold in America. Its prescription drugs include the anti-depressant Effexor, acid reflux inhibitor Protonix, the pneumococcal vaccine Prevnar and the female hormone replacement drug Premarin.
Pfizer's drugs also often dominate the market and include Benadryl for allergies, Celebrex for pain, Lipitor for cholesterol control, Glucotrol for type 2 diabetes, Viagra for erectile dysfunction and Zoloft for depression.
While this one of the largest buyouts among pharmaceutical companies on record, it isn't the biggest, the Journal reports. In 2000, Glaxo Wellcome PLC acquired SmithKline Beecham PLC for $76 billion.