US DRUGMAKER Pfizer has completed its takeover of rival Wyeth, combining both companies’ operations under one healthcare firm.
The $68 billion deal was approved by European Union antitrust authorities in July.
Pfizer’s vice-president of manufacturing in Ireland Dr Paul Duffy said the merger would “meaningfully advance” key strategic goals.
“It creates a company poised to be a leading biopharmaceutical company in a new era,” he said.
“We are now a more diversified healthcare company, with products in human, animal and consumer health, including vaccines, biologics, small molecules and nutrition across developed and emerging markets. The combined company has a robust and growing pipeline of biopharmaceutical development projects in critical areas. Our pipeline in areas such as Alzheimer’s disease, oncology, pain, neuroscience, diabetes and inflammation, will allow us respond more effectively to the unmet medical needs of patients around the world.”
Pfizer has a number of operations in Ireland and more than $7 billion (€ 4.7 million) of capital investment has been put into its Irish operations. Some of its best-selling medicines are produced here including Viagra.
The move makes the company the largest pharmaceutical employer in Ireland. Following the closure of the deal, Pfizer now has more than 5,000 employees across 13 locations in Cork, Dublin, Kildare, Limerick, and Sligo.
It is not yet known how the merger will impact on jobs at the Irish divisions, but in January, Pfizer confirmed it would cut 19,000 jobs, about 15 per cent of the 129,500 employees it would have following the merger. This figure is in addition to more than 14,000 positions it has eliminated since 2007.
