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August 27, 2007
Oh, Come On
I hope that this is still the silly season for merger speculation. Right after the run of dimwitted Novartis-buys-Bayer/Schering rumors, we now have the even more spectacularly slackjawed Pfizer-should-buy-Wyeth ones. I first came across this at Invivoblog, and could hardly believe my eyes.
Wyeth's not a bad company, although they've had their problems over the years. They've put a lot of money into some difficult areas, such as vaccines and Alzheimer's, and I have to give them credit for that. But Pfizer isn't interested in most of these things, because they can't start paying off in time to to sheild them from the Big Lipitor Sales Slaughter in a few years. Pfizer needs big sales, real soon.
But doesn't Pfizer have enough on its plate without going through yet another massive acquisition? And weren't its two previous whoppers designed to get their hands on specific huge-selling drugs? Where's Wyeth's? And isn't Pfizer big enough (and isn't its research productivity bad enough) already? Wouldn't some of the company's biggest shareholders likely throw a rug-biting fit? I could fill the rest of this post with such questions.
Others are already asking them, as it turns out. Here's hoping that this is just investment-bank noise, trying to scare up some action for the fall dealmaking season so that everyone can rake in a good bonus this year. No, you have to go all the way to Peter Rost to find someone who likes this idea - and for all I know, he's probably urging it on in the hopes that it'll bring down the roof on his former company.
Nominations are open for the most idiotic drug company merger combination you can think up. But you have to beat this one to win, and good luck.
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