Tuesday 10 November 2009 7:00 pm
Pfizer closes research and development sites and cuts jobs after buying Wyeth
PFIZER, the world’s biggest drugmaker, will close six research and development sites and cut jobs in both Britain and the US, following its acquisition of Wyeth. The company said it will reduce its global research and development square footage by 35 per cent. Pfizer will discontinue its R&D operations in Slough and Gosport, along with others throughout America. “While these changes are expected to bolster productivity and reduce costs, they will result in staff reductions,” Pfizer said in a statement.
Pfizer will now conduct R&D at five main sites and nine specialised units around the world – as compared with 20 sites – upon closing the acquisition of Wyeth.
The company did not elaborate on the number of jobs that will be cut. A spokeswoman could not be immediately reached for comment.
Pfizer, already the world’s largest drugmaker, got much bigger last month with the completion of a $67.3bn (£40.2bn) acquisition of its rival Wyeth.
Pfizer makes Viagra, while Wyeth produces antidepressant Effexor XR.
The deal is the largest merger in the pharmaceutical industry since Pfizer bought Warner-Lambert for $93.4bn in 2000.
Three years later, Pfizer also bought Pharmacia for $60bn.