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.
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