Pfizer said it now plans to cut more than the 15% of jobs that it stated would go when it acquired Wyeth. The information was disclosed in a regulatory filing. Pfizer has already cut its staff 14%, but is facing steep revenue losses from the Pfizer portion of the product portfolio due to loss of patent life. Wyeth products are providing the only growth year over year. See WSJ.
Targeted Genetics (Seattle) needs a merger and appears to have found a willing partner in Biocontrol of London. Set up in 1997, Biocontrol has been developing the clinical use of bacteriophages – literally “eaters of bacteria” – that attack dangerous infection-causing bacteria. This will be combined with Targeted Genetics technology for using adeno-associated viruses to deliver genes inside cells. Biocontrol shareholders must approve the deal.
Posted by Bruce Lehr November 12th 2010.
Medical News Today has more on the Targeted Genetics and Biocontrol deal
http://www.news-medical.net/news/20101112/Targeted-Genetics-enters-definitive-agreements-to-acquire-Biocontrol.aspx
Posted by: bigredbruce | 11/14/2010 at 08:58 AM
Pharmalot blog has more details on Pfizers plans regarding job cuts over its original 15% estimate
http://www.pharmalot.com/2010/11/the-xx-percent-solution-pfizer-to-cut-more-jobs/
Posted by: bigredbruce | 11/13/2010 at 04:11 PM