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- Pfizer Inc's (PFE) Indian unit has agreed to acquire the 48.9% of its Wyeth subsidiary that it doesn't already own in an all-share deal.
- Wyeth stockholders will receive seven shares of Pfizer Ltd for ten Wyeth shares that they hold.
- Wyeth has a market cap of $294M and Pfizer Ltd, in which Pfizer Inc owns 63.6%, is worth $681M.
- Pfizer and Wyeth also plan to pay interim dividends of 360 rupees and 145 rupees per share respectively.
Nov. 22, 2013, 4:24 AM
- Novartis (NVS) intends to buy back $5B in stock over two years, the company said ahead of an investor day.
- The pharmaceutical company will also "allocate capital to its strong and growing dividend" and for bolt-on acquisitions.
- Novartis reiterated that it's considering its options for non-core operations that don't have the scale to become global leaders.
- The firm expects to achieve 3-4% in productivity gains per year through 2015.
- Novartis intends to expand in faster-growing fields such as skin and heart diseases, and it believes that its line of cancer drugs - along with the associated sales - will grow annually for the next five years.
- Novartis expects to start Phase III trials of its LEE011 pill for breast cancer next month. The treatment would rival Pfizer's (PFE) Palbociclib, which is already in Phase III testing and is seen as a potential blockbuster.
- Shares are +2.2% in Zurich. (PR)
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PFE vs. ETF Alternatives
Pfizer Inc is a research-based biopharmaceutical company. The Company has five operating segments: Primary Care; Specialty Care and Oncology; Established Products and Emerging Markets; Animal Health; and Consumer Healthcare.
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