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Pfizer closes research and development sites and cuts jobs after buying Wyeth

City A.M. Reporter
PFIZER, the world&rsquo;s biggest drugmaker, will close six research and development sites and cut jobs in both Britain and the US, following its acquisition of Wyeth.<br /><br />The company said it will reduce its global research and development square footage by 35 per cent.<br /><br />Pfizer will discontinue its R&amp;D operations in Slough and Gosport, along with others throughout America.<br /><br />&ldquo;While these changes are expected to bolster productivity and reduce costs, they will result in staff reductions,&rdquo; Pfizer said in a statement.<br /><br />Pfizer will now conduct R&amp;D at five main sites and nine specialised units around the world &ndash; as compared with 20 sites &ndash; upon closing the acquisition of Wyeth.<br /><br />The company did not elaborate on the number of jobs that will be cut. A spokeswoman could not be immediately reached for comment.<br /><br />Pfizer, already the world&rsquo;s largest drugmaker, got much bigger last month with the completion of a $67.3bn (&pound;40.2bn) acquisition of&nbsp; its rival Wyeth. <br /><br />Pfizer makes Viagra, while Wyeth produces antidepressant Effexor XR.<br /><br />The deal is the largest merger in the pharmaceutical industry since Pfizer bought Warner-Lambert for $93.4bn in 2000.<br /><br />Three years later, Pfizer also bought Pharmacia for $60bn.