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New York-based Pfizer Inc. has acquired Peapack, NJ-based Pharmacia Corp. in a stock-for-stock transaction valued at $60 billion.
After four years of partnership through the co-promotion of the COX-2 inhibitor CelebrexÂ® (celecoxib), New York-based Pfizer Inc. has acquired Peapack, NJ-based Pharmacia Corp. in a stock-for-stock transaction valued at $60 billion.
"This is an extraordinary opportunity to combine two of the fastest-growing and most innovative pharmaceutical companies and to position Pfizer for sustained, long-term leadership of the global pharmaceutical industry," said Hank Mc-Kinnell, chairman and chief executive officer of Pfizer. "By combining with Pharmacia, we are ensuring that our core capabilities in the discovery, development and commercialization of new medicines are strong around the world."
Upon closing the transaction, Fred Hassan, chairman and chief executive officer of Pharmacia, will become vice chairman of Pfizer and a member of the Pfizer board of directors.
The move makes Pfizer, already the leading pharmaceutical company in the United States and Canada, first in pharmaceutical sales in Europe, Japan and Latin America.
Key Pharmacia products include:
•Â XalatanÂ® (latanoprost ophthalmic solution), which lowers eye pressure in patients with open-angle glaucoma not controlled by other medications.
•Â GenotropinÂ® (somatropin [rDNA origin] for injection), a top-selling recombinant growth hormone indicated for the treatment of children and adults with growth hormone deficiency.
•Â Several oncology products, including CamptosarÂ® (irinotecan HCl injection), for treatment of metastatic colorectal cancer.
As of press time, a Pharmacia spokesperson said there had been no discussions of sales force cuts or realignments in relation to any Pfizer or Pharmacia products.
Concluded McKinnell, "This is a major step toward fulfilling our mission of becoming the most valued company to patients, customers, colleagues, investors, business partners and the communities where we work and live." PR