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DANMARKS STØRSTE INVESTORSITE MED DEBAT, CHAT OG NYHEDER

Pfizer Wyeth deal tæt på


1341 akademikeren 26/1 2009 10:50
Oversigt

RPT-UPDATE 5-Pfizer, Wyeth deal nears - sources
26-01-2009 08:42:00

* Pfizer to pay about $50.19 per share for Wyeth - sources

* Deal would be valued at roughly $68 billion - sources

* Boards met on Sunday to weigh deal - sources

* Pfizer CEO Kindler to lead company - sources

* Combined company could still pursue Crucell - sources (Adds analyst's comments in paragraphs 8,10)

By Jessica Hall

PHILADELPHIA, Jan 25 (Reuters) - Pfizer Inc (PFE), the world's largest drugmaker, was close to a $68 billion purchase of U.S. rival Wyeth (WYE) in a move to diversify its revenue base, sources familiar with the situation said on Sunday.

The boards of the U.S. rivals were holding separate meetings on Sunday to finalize an agreement and an announcement was seen as imminent, said three sources with direct knowledge of the talks. One source said Pfizer was still finalizing a $25 billion financing package to fund the deal.

The deal would help Pfizer cope with a major gap in revenue in 2011 when its blockbuster Lipitor cholesterol treatment will begin to face U.S. generic competition. Next year, Wyeth loses patent protection on its own top drug, the antidepressant Effexor XR.

Still, buying Wyeth would help Pfizer diversify into vaccines and injectable biologic medicines by adding Wyeth's big-selling Prevnar vaccine for childhood infections and Enbrel rheumatoid arthritis treatment. Pfizer would realize major cost savings by streamlining areas that overlap.

Pfizer was expected to pay roughly $50.19 per share for Wyeth, sources said. Pfizer would pay $33 per share in cash and 0.985 per share of Pfizer stock for each share of Wyeth. The sources were not authorised to talk to the media.

Based on Wyeth's 1.33 billion shares outstanding as of October 31, the deal would be valued at about $66.8 billion. Including Wyeth's stock options, the deal would be worth $68 billion, sources said.

At $50.19 per share, the deal would mark a 15-percent premium over Wyeth's closing stock price of $43.74 on Friday. Wyeth's stock surged 12.6 percent on Friday on news of the possible deal.

"I think shareholders would be happy with that," said David Moskowitz, pharmaceuticals analyst with Caris & Co. "I think $50 is a good price. I think it's fair for both parties."

A merger of Pfizer and Wyeth could trigger a wave of consolidation in the cash-rich pharmaceutical sector as drug makers look to diversify revenues in the face of competition from generic-drug rivals, analysts said.

"Consolidation is a necessary evil in Big Pharma. This sector must consolidate now and Pfizer is the poster child," Moskowitz said. "The industry cannot sustain the number of players we have in major pharma anymore."

Pfizer Chief Executive Jeff Kindler was expected to head the combined company, sources said. Wyeth Chairman Bernard Poussot was expected to leave after the deal closed, one source said.

Pfizer has struggled after digesting two huge deals in the past decade. Kindler previously has called mega-mergers disruptive and distracting.

GROWTH THROUGH ACQUISITIONS

Pfizer became the world's largest drugmaker with its purchase in 2000 of Warner-Lambert and the $60 billion acquisition three years later of Pharmacia. [ID:nLN45335]

Pfizer typifies many large drugmakers, which have struggled to produce new blockbusters to replace those on which they lose exclusivity. [ID:nN23318400]

Aside from Enbrel, for which Wyeth shares rights with Amgen Inc (AMGN), and Prevnar, Wyeth also is developing experimental Alzheimer's disease drugs.

Pfizer would also gain Wyeth's large consumer health division that includes Advil painkillers more than two years after it sold off its own consumer health business to Johnson & Johnson (JNJ).

Wyeth had been in talks to buy Dutch vaccine firm Crucell (CRCL), whose shares fell 9.6 percent Friday on fears that deal might now be in doubt.

Wyeth has been holding talks with both Pfizer and Crucell in recent weeks, and a deal with Pfizer would not necessarily scuttle Wyeth's Crucell deal, sources said. A combined Wyeth-Pfizer could pursue Crucell as a second step to their deal, sources said. (Additional reporting by Lewis Krauskopf; Editing by Phil Berlowitz and Anshuman Daga) (For more M&A news and our DealZone blog, go to http://www.reuters.com/investing/news/mergers) ((jessica.hall@thomsonreuters.com; 215-922-1086; Reuters Messaging: jessica.hall.reuters.com@reuters.net))



26/1 2009 14:38 collersteen 01352



Så er det officielt....

Nye selskab vil vist have 17 produkter med årligt salg på min. 1 mia. usd.
Det bliver et halvstort foretagende.



26/1 2009 14:50 troldmanden 01353



Fa..... osse. Det er som tidligere nævnt ikke godt nyt for de mindre biotech selskaber da dette nu bliver startskudet til en ny runde M&A blandt de 10-20 største selskaber.

Crucell som var ved at blive opkøbt af Weyth bliver nu alligevel ikke en del af det store selskab.


UPDATE 2-Wyeth withdraws from Crucell takeover talks
Mon Jan 26, 2009 3:46am

Market News
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* Sources says Pfizer close to $68 bln Wyeth deal

* Crucell shares drop 23 percent

(
AMSTERDAM, Jan 26 (Reuters) - U.S. drugmaker Wyeth (WYE.N) has withdrawn from talks to take over Dutch biotechnology firm Crucell (CRCL.AS), sending Crucell shares down as much as 23 percent on Monday.

Shares in Crucell -- one of the world's few remaining independent vaccine makers -- had already fallen last week on fears that merger talks between Pfizer (PFE.N), the world's largest drugmaker, and Wyeth could scupper the talks between Wyeth and Crucell.

Sources familiar with the situation told Reuters on Sunday that Pfizer was close to finalising the $68 billion purchase. [nN25332282]

Crucell shares fell to 11.90 euros by 0807 GMT, knocking about 230 million euros ($298 million) off its market capitalisation, to trade slightly above the levels seen before the talks between Wyeth were made public on Jan. 7.

"We believe takeover speculation will likely remain a key driver of Crucell's share price going forward, but the likelihood of such a scenario has become more remote in the short term," Rabo Securities analyst Fabian Smeets said in a note.

Crucell in November posted its first-ever quarterly profit, boosted by sales of its vaccines and cost savings, and raised its 2008 sales outlook.

The Dutch company's sales have been fuelled by strong growth in its paediatric vaccines, especially Quinvaxem, a vaccine cocktail for the childhood diseases diphtheria, tetanus, whooping cough and hepatitis B. ($1=.7719 euros) (Reporting by Niclas Mika; Editing by David Holmes and Mike Nesbit)




26/1 2009 15:06 akademikeren 01354



Jeg tror glaxo smider et bud på genmab ret hurtigt efter det her.
Det bliver IKKE alle der konsoliderer blandt de største. Jeg hørte
Astra Zenecas direktør sidste år siger at det simpelthen ikke gav mening. men man har jo et standpunkt...



26/1 2009 15:11 akademikeren 01355



Jeg tror vi stiger på det her. Men lad os nu se.



26/1 2009 15:14 troldmanden 01356



GSK har også sagt de ikke er interesseret i at fortage større opkøb. Men samtidig så siger CEO også han frygter et nyt M&A kapløb


GlaxoSmithKline Plc, of London, and Bayer AG, based in Leverkusen, Germany, say they don’t see a large deal worth making or much value in getting bigger. Instead, they are focusing on smaller, targeted acquisitions to boost profits. Pfizer’s talks with Wyeth, along with Roche AG’s $43.7 billion bid last year for Genentech Inc., could change that as drug company executives watch their rivals grow, said Glaxo Chief Executive Officer Andrew Witty.

“If one big company makes a move, I can absolutely imagine that triggering off a series of moves,” Witty said in a Jan. 8 interview. “The industry has historically, habitually demonstrated its inability to sit on its hands when someone moves. The question is whether somebody big is going to finally pull the trigger.”




26/1 2009 15:24 akademikeren 01357



Det ligger jo altså lige til højrebenet at købe Genmab skulle man mene. Vores omsætning idag indtil videre ca. 200K - ikke så ringe endda. Det kunne være nyttigt hvis det nu pressede GSK til at lægge et bud på genmab nu, hvis de andre pludselig begynder at kigge sig om efter pipeline. Jeg tror vi bliver købt op snart. Jeg tror mange vil være bange for at indgå en kæmpe handel. 68 milliarder dollar, når man kan få vores lille biks for 6 milliarder :−)



26/1 2009 15:45 troldmanden 01362



Det er større selskaber end genmab de nu kigger på. Altså selskaber som her og nu generere overskud og hvor der er mulighed for store synergi effekter i salg, adm, forskning og produktion.

Det er bestemt ikke umuligt at genmab bliver opkøbt. Men jeg tror nu det bliver mindre sansynligt. Big pharma har ganske enkelte ikke penge til både at fortage de helt store opkøb og så samtidigt købe de relative store biotech selskaber som gen.



26/1 2009 15:48 akademikeren 01363



Jeg tror langtfra alle vil gå samme strategiske vej som Pfizer. Jeg er enig i at samme firma ikke både kan lave et stort opkøb OG købe Genmab for 6 mia. Men genmab er blevet relativt mere attraktiv nu fordi dem der ikke køber op eller vil købes op skal kigge nøjagtig i det segment som Genmab er i. Vi skal huske på at det jo primært også er pipeline de kigger efter. Men spændende bliver det altså



26/1 2009 17:05 Fyrtaarnet 01372



ja det bliver vildt spændende!



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