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Article: Pfizer To Buy Pharmacia In $60B Stock-Swap Deal.
- Article from:
- BIOWORLD Today
- Article date:
- November 4, 2009
CopyrightCOPYRIGHT 2009 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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West Coast Editor
Just when the market slowdown and summer's dog days had cast a torpor over the land, Pfizer Inc. sent a blast of cooling news across the pharmaceutical landscape, disclosing that it signed an agreement to buy Pharmacia Corp. in a $60 billion stock swap.
The deal - to be completed after Pharmacia, of Peapack, N.J., spins off its remaining 84 percent ownership of St. Louis-based Monsanto Corp. (which Pharmacia previously declared it will do) - would create a world pharmaceutical leader, with revenues for 2002 estimated at about $48 billion, including $39 billion in prescription sales.
Pharmacia's stock (NYSE:PHA) jumped 20.4 ...