Excerpt from our Wall Street Breakfast, a one-page summary of this morning's key market-moving and stock-moving stories:
Summary: German-owned Boehringer Ingelheim GmbH agreed to buy the U.S. rights to the drug Zantac from Pfizer (NYSE:PFE) for $509.5 million. The heartburn medication was sold as part of Pfizer's spinoff of its consumer unit -- a move necessary to receive approval from federal antitrust regulators for the overall sale of its consumer health-care business to Johnson & Johnson (NYSE:JNJ). The sales of Zantac and Pfizer's consumer-health unit are expected to close by the end of the year, according to Johnson & Johnson spokesman Marc Monseau. Monseau declined to comment on whether other product sales would be needed to gain the necessary FTC approval.
Related links: * J&J, Pfizer Unload Zantac * With Pfizer Bigger is Better * Johnson & Johnson — 73 Consecutive Years of Sales Increases! * Drug Companies Threatened By Proposed Patent Legislation * ComCom to Assess Johnson's Pfizer Deal
Potentially impacted stocks and ETFs: Abbott Laboratories (NYSE:ABT), Bristol Myers Squibb (NYSE:BMY), Merck (NYSE:MRK), GlaxoSmithKline (NYSE:GSK), PowerShares Dynamic Pharmaceutical (NYSEARCA:PJP), iShares Dow Jones U.S. Pharmaceuticals (NYSEARCA:IHE)
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