Pfizer filed for registration of a Class A stock with the U. Under the terms of the potential all-stock transaction, Pfizer would spin off the off-patent unit and then merge it with Mylan to form a new publicly traded company, these people said.
If successful, the takeover—the biggest in British history—would have made Pfizer the world's largest drug company.
Pfizer developed a drug discovery program focusing on in vitro synthesis in order to augment its research in fermentation technology. The new company will be helmed by Pfizer's Michael Goettler, currently president of the Upjohn business.
The chief executive, Heather Bresch, was the target of much of the outrage. Inthe company was incorporated in ChicagoIllinois. There's just been an enormous amount of shareholder wealth destroyed.
The price that Pfizer can get for the consumer healthcare business will likely drive the decision on which path to take. Pfizer has focused on drugs that are expected to maintain patent protections for some time, both those it has developed on its own and those it has acquired through takeovers.
I think that Pfizer might be doing a bit of shuffling deck chairs, but the company isn't like the Titanic at all. The reality is that this reorganization isn't likely to impact investors much at all -- with perhaps two exceptions. After the Pfizer merger, the SUGEN site was shut down inwith the loss of over jobs, and several programs were transferred to Pfizer.
The first exception is if the restructuring provides a hint that Pfizer has a buyer lined up for the consumer healthcare unit.