Pfizer has announced its reorganization strategy with Wyeth. The research operations will be broken into two units: a biotechnology unit led by a Wyeth senior executive, and a pharmaceutical group led by a Pfizer scientist. The plan hopes to smoothly integrate Pfizer and Wyeth after the acquisition closes later this year. The Wyeth acquisition has played into Pfizer CEO Jeffrey Kindler’s ongoing restructuring plans, and Pfizer announced its intentions to keep eight Wyeth exeutives.
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Pfizer is moving into the vaccine, biotechnology medicines and over-the- counter product market.
Chief Executive Officer Jeffrey Kindler has been restructuring research operations at New York-based Pfizer for two years. He agreed to buy rival Wyeth, based in Madison, New Jersey, to add vaccines, biotechnology medicines and over-the- counter products. Pfizer, the world’s biggest drugmaker, needs to increase new-drug development as it braces to lose $10 billion in annual sales in 2011, when patent protection ends for its cholesterol pill Lipitor, analysts said.
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