Pfizer (PFE) Will Consider Merger With Larger Rival
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Pfizer's (NYSE: PFE) CEO, Jeff Kindler, told the Financial Times that Pfizer is willing to buy a large rival drugs company to improve its financial health. The FT said that kind of news could trigger a fresh round of mergers within the sector.
"The real goal is to grow revenues . . . We are open to opportunities and constantly looking at those which are big, small and in between," said Pfizer's Jeff Kindler.
Kindler's comments are in direct contrast to those of his peers, who have focused on small-scale deals and partnerships.
The CEO's comments reflect Pfizer’s need to build the pipeline because of the forecasted drop in sales as Pfizer's existing patented drugs begin to face competition. One drug that loses exclusivity at the end of 2011 is Lipitor. Lipitor is the world’s top selling medicine with more than $13 billion in annual sales.
"We are always open to opportunities to enhance licensing, alliances and acquisitions, but whatever we do – small or large – has to meet the criteria of shareholder value," Kindler told the FT.
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Pfizer Inc. (Pfizer) is a research-based, global pharmaceutical company. The Company discovers, develops, manufactures and markets prescription medicines for humans and animals.
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