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Merger paves way for Pfizer diversity

Pfizer's acquisition of Wyeth is now complete and significantly strengthens its global footprint in the US, Europe, Asia and Latin America

The completed merger between the two companies moves Pfizer away from its reliance on blockbuster drugs and a dependence on primary care in the developed world.

The merger between Wyeth and Pfizer means that Pfizer now has leadership in virtually all key high-growth therapeutic areas. The combined company has strengthened capabilities in biotechnology, vaccines, consumer healthcare, nutrition and animal health, and is well positioned for consistent and stable growth over both the short and long term.

The merger also gives the company a significantly strengthened global footprint in the US, Europe, Asia and Latin America, as well as opportunities in key emerging markets such as China and the Middle East.

Pfizer says that it expects that no one drug will account for more than 10 per cent of the combined company's revenue in 2012.

Since the acquisition agreement was announced in January, integration teams at Pfizer and Wyeth have worked to ensure that the combined company is fully operational immediately upon the closing of the transaction.

"Our ability to close this transaction in such a timely manner and be operational on 'Day One' is a true testament to the dedication of the integration teams at both companies," said Pfizer chief financial officer, Frank D'Amelio, who is leading the integration.

"Because business continuity was our primary objective throughout the integration process, our leaders and colleagues are in a position to quickly build on Pfizer's solid financial foundation, operational discipline and diverse product base to continue to improve our performance."

Pfizer will now operate through patient-centric business units in human health as well as through its animal health, consumer and nutrition businesses. The intention is that the new units will be able to match the speed and agility of small, focused enterprises; while having the benefits of a global organisation's scale and resources. Two distinct R&D organisations have also been established to maximise opportunities in biopharmaceutical research.

19th October 2009

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