With the economy down, pharmaceutical company Pfizer shows that big deals can still be made. Pfizer signed a deal this morning to get drug making company Wyeth. The 68 billion dollar deal will hopefully increase revenue by 50%.
However, this big deal comes with the news that the company will cut more than 8,000 jobs. Along with job cuts, Pfizer will be cutting their manufacturing sites from 46 to 41.
Also, Pfizer’s profit is expected to decrease because of a 2.3 billion dollar legal settlement. The settlement was over allegations that the company marketed products that had not been approved.
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