This article is more than 5 years old. Information may no longer be current.

Pfizer to buy Pharmacia for $60 billion

Add topic to email alerts

Receive an email when new articles are posted on

Please provide your email address to receive an email when new articles are posted on .

Subscribe

Added to email alerts

You've successfully added to your alerts. You will receive an email when new content is published.

Click Here to Manage Email Alerts

You've successfully added to your alerts. You will receive an email when new content is published.

Click Here to Manage Email Alerts

Back to Healio

We were unable to process your request. Please try again later. If you continue to have this issue please contact customerservice@slackinc.com.

Back to Healio

NEW YORK — Pfizer has agreed to buy Pharmacia Corp. for $60 billion in stock, in a move financial advisors are calling “surprising.” Earlier today, Pfizer spokeswoman Mariann Caprino said the deal had been approved by the boards of both companies.

Pfizer is already the world’s largest pharmaceutical company, with leading products such as Viagra for erectile dysfunction, Lipitor for cholesterol and Zoloft for depression. Pharmacia's best-selling drugs are Celebrex for rheumatoid arthritis and Xalatan for glaucoma.

Both companies believe the deal will close by the end of 2002, with Pfizer's shareholders owning about 77% of the new company. The combined entity should have revenue of about $48 billion, including $39 billion in prescription sales and 12 products with earnings of more than $1 billion each. The new company will have a research and development budget of more than $7 billion, making it the world's largest drug maker by far and the leading pharmaceutical company by revenue in every major market around the world.