Amgen Being Sold to Pfizer!
December 17, 2008 at 11:09 am EST | Tags: Gossip & Rumors, Mergers & Acquisitions
Although it’s just a rumor, sources
say that Pfizer is likely to make a play for biotech superstar Amgen.
That’s right. Although we can’t confirm the details, word has it that
Deutsche Bank analyst Barbara Ryan said the pharma giant is under
“huge” pressure to get into the biotech arena AND do something about
Pfizer’s looming blockbuster patent crisis, including the loss of IP
protection for Lipitor. Total losses over the coming 2-3 years could
be in the $30B range.
Amgen made no comment about a potential takeover.
Pfizer has about $26 billion in cash and was trading at $17 at the time of this posting. Amgen was up 40 cents to $58.11.
Stay tuned.
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Pfizer is already in the biotech arena, no? And how is losing IP protection for one drug considered a “looming patent crisis?”
just because
What should I do with my life now that it is apparent I have chosen the wrong career?
Um, great argument, Joe.
Drugs going generic is not a patent crisis. It just means that maybe Pfizer should get off its butt and start inventing something new and nonobvious. That’s the price you pay for getting exclusive use all those years.
Why not? Consolidation (mergers) in various industries has become commonplace. Some large companies continue acquiring like there is no tomorrow to further enlarge their market share, thus knocking out the competition and keeping prices high.