Pfizer, the world’s biggest drugmaker, to buy Wyeth for cash and shares deal for more than 50 billion euros.
The tie-up is the largest pharmaceutical merger in nearly a decade and will increase Pfizer’s revenue by half. It will lead to 15 percent of the combined company’s workforce worldwide being fired, around 19,000 people. Five factories will be closed. Pfizer is moving to diversify its earnings as the patent is due to run out on its top selling cholesterol drug Lipitor.