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NEWS
August 8, 2011 | By Phil Milford, BLOOMBERG
GlaxoSmithKline P.L.C. and Pfizer Inc. have sued generic drug giant Teva Pharmaceutical Industries Ltd. for allegedly infringing a U.S. patent for the HIV drug Epzicom, Bloomberg News reported. All three companies have large operations in the Philadelphia region. Glaxo and Pfizer have a joint venture, ViiV Healthcare, which makes Epzicom. Teva applied to the Food and Drug Administration to sell a generic version of Epzicom, ViiV lawyers said in a complaint filed in federal court in Wilmington, Del., Bloomberg said.
NEWS
August 15, 2011 | By David Sell, INQUIRER STAFF WRITER
Men of a certain need must spend more money for more years after a federal judge sided with drugmaker Pfizer Inc. as it tried to fend off a generic version of its erectile dysfunction drug Viagra in a patent-protection lawsuit. The suit pitted two of the world's biggest drugmakers - Pfizer and Teva Pharmaceutical Industries Ltd. - both of which have local operations. Pfizer is the global leader in pharmaceutical sales and Teva leads the pack in generic drugs, which now account for about 75 percent of the market.
BUSINESS
July 21, 2009 | By Miriam Hill INQUIRER STAFF WRITER
It took just a few minutes for the vast majority of Wyeth shareholders to say goodbye to the 83-year-old pharmaceutical giant at the company's last annual meeting yesterday. About 98 percent of Wyeth shareholders voted to approve the company's $68 billion acquisition by New York-based Pfizer. Wyeth is based in Madison, N.J., but employs about 5,000 people at operations in Collegeville and Malvern. The deal will solidify Pfizer's position as the top-selling drugmaker in the world and help it compensate for billions of dollars in revenue it likely will lose when its cholesterol fighter Lipitor loses its patent in 2011.
NEWS
July 7, 2011 | ASSOCIATED PRESS
NEW YORK - Pfizer Inc. said Thursday it may sell its animal health and nutrition business in the next two years so it can focus on expanding its low-cost pharmaceuticals unit. Pfizer, which has faced pressure to eliminate some business units and return more cash to shareholders, said the moves will allow investors to get more value for the businesses. The company will also consider transactions including spinoffs and may pursue different strategies for each business. Any transactions could take one to two years to complete, Pfizer said.
BUSINESS
October 15, 2009 | By Miriam Hill INQUIRER STAFF WRITER
Pfizer Inc. and Wyeth plan to close their $68 billion merger today, leaving employees at the companies' two Philadelphia-area sites wondering whether they'll be among the 20,000 to be laid off. The two companies employ about 130,000 people and have said that there will be layoffs. U.S. and Canadian antitrust regulators cleared the merger yesterday. Wyeth, based in Madison, N.J., employs about 4,500 people in this area - about 3,600 in Collegeville and 900 in Great Valley and other sites.
NEWS
December 11, 2012
Nuron Biotech Inc., a specialty biologies and vaccines company based in Exton, said it acquired from Pfizer Inc., the vaccine Meningitec, used for the prevention of a potentially deadly infection caused by Neisseria meningitidis serogroup C. There are an estimated 500,000 cases of the infection annually worldwide, according to Nuron Biotech, but the U.S. Centers for Disease Control and Prevention estimated the rate of infection in the U.S. is...
BUSINESS
July 13, 2013 | By David Sell, Inquirer Staff Writer
Almost every organization of any size says innovation is important, but many struggle to apply new ideas successfully. Pfizer is the world's top seller of prescription medicine, and some of its 85,000 employees work in Collegeville, Montgomery County. Its vice president for worldwide innovation, Wendy Mayer, spoke Wednesday as part of panel during MedCityNews' two-day "Converge: Summit for Healthcare Innovation" at the Hyatt at the Bellevue. Mayer's five-person panel addressed the question: "How Can You Innovate in a Big Shop?"
BUSINESS
January 31, 2013 | By David Sell, Inquirer Staff Writer
Pfizer Inc. chief executive officer Ian Read said Tuesday that the world's largest seller of pharmaceutical products will keep examining whether to one day separate the management of its "innovative" drugs from "established" drugs, with patents that have expired. Since digesting the $69 billion acquisition of Wyeth in 2009, Pfizer has been trying to get the most it can from its business operations while negating the loss of revenue from blockbuster drugs such as Lipitor, which now has generic competition.
BUSINESS
December 21, 2012 | By David Sell, Inquirer Staff Writer
The landscape for pharmaceutical employees has shifted again as Pfizer reportedly will lay off about 600 sales representatives in its primary-care division, according to Bloomberg News. Pfizer, based in Manhattan, has a large facility in Collegeville that is part of the company's specialty-care division and is apparently not affected by this decision. A Pfizer spokesman declined to confirm the number reported by Bloomberg but said in a statement: "As part of our strategy to allocate our resources, investments, and people to the areas that best serve our patients and customers, we continually evaluate how we can be more efficient and effective.
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ARTICLES BY DATE
BUSINESS
August 24, 2016 | By Linda Loyd, Staff Writer
Pharmaceutical giant Pfizer announced Monday that it will buy cancer biotech company Medivation for about $14 billion, adding a leading prostate-cancer drug to its oncology offerings. San Francisco-based Medivation shares were up nearly 20 percent on the news, closing Monday at $80.42 per share. Pfizer will pay $81.50 a share in cash for Medivation, compared with Sanofi S.A.'s offer in April of $52.50 a share. Since then, Merck, AstraZeneca, Celgene, and Gilead Sciences all reportedly had expressed interest in buying the cancer biotech.
NEWS
May 22, 2016 | By Michaelle Bond, Staff Writer
West Chester Borough agreed to give up its years-long fight to collect more than $1.7 million in sewer fees from the pharmaceutical giant Pfizer under a court agreement announced Friday. Wyeth Pharmaceuticals, which Pfizer bought in 2009, used to operate a plant in West Chester. It agreed in 1984 to pay the borough for the life of the Goose Creek Wastewater Treatment Plant. The sewer plant was built in the late 1980s, largely to handle wastewater from the Wyeth plant. Wyeth demolished its plant a decade ago, but continued to pay the borough, based on the agreement.
BUSINESS
April 8, 2016 | By Linda Loyd, Staff Writer
Pharmaceutical giant Pfizer and Ireland-based Allergan scrapped their merger plans Wednesday, two days after the Treasury Department announced tough new rules to thwart U.S. companies' moving their headquarters overseas to lower their taxes. The $160 billion deal would have been the biggest acquisition in drug industry history and would have created the largest pharmaceutical company in the world. The new Treasury Department rules make it harder for companies, through a merger, to move their tax addresses out of the United States and then shift profits to low-tax countries, a process called inversion.
NEWS
February 18, 2016 | By Linda Loyd, STAFF WRITER
Drug maker Pfizer Inc. said Tuesday that its subsidiary Wyeth, with operations in Collegeville,has reached an agreement with the Department of Justice to pay $784.6 million to settle claims involving Medicaid rebates for its heartburn drug Protonix. The agreement resolves cases pending in the U.S. District Court in Massachusetts, alleging that Wyeth's practices relating to the calculation of Medicaid rebates for Protonix violated the Federal Civil False Claims Act and other laws between 2001 and 2006.
NEWS
November 25, 2015 | By David Sell, Inquirer Staff Writer
The drugmaker Pfizer Inc. said Monday that it had agreed to take control of Allergan plc, the manufacturer of Botox, in a $160 billion transaction that would be the largest pharmaceutical deal in history. The deal is largely prompted by Pfizer's desire to move its company registration to Ireland so it will pay lower corporate taxes than it does in the United States. If completed, it would combine Pfizer's well-known drugs Viagra and Lipitor with Allergan's famous wrinkle remover. Pfizer would pay Allergan shareholders to absorb their company and take its Irish registration, which was achieved through an earlier acquisition.
BUSINESS
October 28, 2015 | By David Sell, Inquirer Staff Writer
Drugmaker Pfizer, Inc., said Tuesday its third quarter revenue and profits declined compared to the same period in 2014. Pfizer, which is based in Manhattan and has operations in Collegeville, Montgomery County, said its revenue fell from $12.36 billion in the third quarter of 2014 to $12.09 billion in the same period this year. Pfizer said its profit dropped from $2.66 billion for the third quarter of 2014 to $2.13 billion for the third quarter of this year, inpart because of drug patent expirations.
BUSINESS
February 7, 2015 | By David Sell, Inquirer Staff Writer
Pfizer Inc. led the deal-making in the interconnected pharmaceuticals industry Thursday, saying it would buy Hospira Inc. for about $17 billion, including debt. Hospira is a leader in the generic injectable-medicine market and is among those at the forefront of so-called biosimilar drugs. New York-based Pfizer, which has a Collegeville facility, has been on the prowl - an analyst's description, which CEO Ian Read took issue with in a conference call - to buy a company to bolster current and future revenue.
BUSINESS
January 29, 2015 | By David Sell, Inquirer Staff Writer
Drugmaker Pfizer Inc. might grow, or break up, or some combination of both. Chief executive officer Ian Read said Tuesday that Pfizer will keep looking for companies to buy and is taking the next steps to see whether its pieces are worth more than the sum of its parts. Pfizer has said that it tried to buy AstraZeneca in 2014, and it reportedly inquired about buying Actavis and Teva Pharmaceutical Industries Ltd. AstraZeneca, Teva, and Actavis all have operations in the Philadelphia region.
BUSINESS
October 30, 2014 | By David Sell, Inquirer Staff Writer
Challenged by financial analysts who had just learned of Pfizer Inc.'s declining revenue and small quarterly profit, chief executive officer Ian Read said Tuesday that the drugmaker would keep exploring the purchase of a foreign company in the hope of paying less tax in America, U.S. Treasury Department efforts to the contrary. New rules announced in September made a so-called tax-inversion deal "more complicated" and "potentially limits the value," Read said, but the right deal is still worthwhile.
BUSINESS
July 20, 2014 | By David Sell, Inquirer Staff Writer
The Borough of West Chester early this week won the latest episode in a years-long court battle with drugmaker Pfizer over sewer payments owed to the borough by Wyeth, the pharmaceutical company that Pfizer bought in 2009 for $68 billion. Chester County Court of Common Pleas Judge Robert J. Shenkin ruled that Pfizer must give the borough $1.72 million for missed payments under a 1984 agreement that called for Wyeth to make quarterly payments of about $200,000 for the life of the Goose Creek Sewer Treatment plant.
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