August 24, 2016 |
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.
May 22, 2016 |
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.
April 8, 2016 |
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.
February 18, 2016 |
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.
November 25, 2015 |
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.
October 28, 2015 |
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.
February 7, 2015 |
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.
January 29, 2015 |
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.
October 30, 2014 |
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.
July 20, 2014 |
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.