Pfizer is on the hunt ...... for molecules.
It will scrutinize hundreds of drug and biotechnology companies this year in a hunt for the next $1 billion medicine, company officials said.
Pfizer, the world's largest drugmaker, has earmarked as much as $17 billion to acquire new drugs or biotechnology treatments during the next two years.
John L LaMattina, Pfizer's global research president, said this week that he is directing a search for deals (acquisitions or product licenses) that would cost between $1 billion and $4 billion.
Pfizer have about $29 billion in cash available after the $16.6 billion sale of its OTC business to Johnson & Johnson.
In the hunt for drugs and companies to buy, LaMattina said he is counting on help from Pfizer's 14,000 scientists and researchers. They closely follow medical journals and presentations at conferences, and call on personal contacts to scout prospects.
More here.
2 comments:
Pfizer is all about not taking risks. Hence, Pfizer employees do not develop drugs, Pfizer buys drugs.
The trouble is that they are rarer than rocking horse droppings at the moment.
And everyone is hunting!
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