Monday, January 26, 2009

Biotech Acquisition

US drug manufacturer Pfizer Inc. will acquire rival Wyeth for $68 billion, making it the largest pharmaceutical takeover deal in nearly a decade, the two companies announced early Monday.

Under the terms of the cash-and-stock transaction, each outstanding share of Wyeth common stock will be converted into a shareholder right to receive $33 in cash and 0.985 of a share of Pfizer common stock.

Pfizer will begin to face U.S. generic competition in 2011 for the cholesterol drug Lipitor. Next year, Wyeth loses patent protection on its own top drug, the antidepressant Effexor XR.

Obama's Inaugural Address

"That we are in the midst of crisis is now well understood. Our nation is at war, against a far-reaching network of violence and hatred. Our economy is badly weakened, a consequence of greed and irresponsibility on the part of some, but also our collective failure to make hard choices and prepare the nation for a new age. Homes have been lost; jobs shed; businesses shuttered. Our health care is too costly; our schools fail too many; and each day brings further evidence that the ways we use energy strengthen our adversaries and threaten our planet.

These are the indicators of crisis, subject to data and statistics. Less measurable but no less profound is a sapping of confidence across our land — a nagging fear that America's decline is inevitable, and that the next generation must lower its sights.

Today I say to you that the challenges we face are real. They are serious and they are many. They will not be met easily or in a short span of time. But know this, America — they will be met. "

Read the full text on TIME