Pfizer cuts R&D sites, jobs following Wyeth acquisition

A portion of the impact the Pfizer-Wyeth acquisition will have on the companies’ employees is now known, as Pfizer has announced plans to close six of its 20 research sites around the world.

Register for free to listen to this article
Listen with Speechify
A portion of the impact the Pfizer-Wyeth acquisition willhave on the companies' employees is now known, as Pfizer has announced plans toclose six of its 20 research sites around the world.
In a statement issued Nov 9, Pfizer said it will reduce itsglobal R&D square footage by 35 percent. R&D activities will now beconducted at five main sites and nine specialized units around the world,compared to the 20 R&D sites Pfizer had upon closing of the $67.3 billionWyeth acquisition on Oct. 16.
According to Pfizer, the company will move a number offunctions from Collegeville, Pa.; Pearl River, N.Y.; and St. Louis to otherlocations, and will discontinue R&D operations in Princeton, N.J.; Chazy,Rouses Point and Plattsburgh, N.Y.; Sanford and Research Triangle Park, N.C.;and Gosport, Slough/Taplow, U.K. In addition, Pfizer will consolidate R&Dfunctions from its New London, Conn., site to its nearby research facility inGroton, Conn.
The company says its research efforts will be spread at morethan a dozen sites around the world, with a particular focus on five centers:Cambridge, Mass.; Groton; Pearl River; La Jolla, Calif.; and Sandwich in theU.K.
Mikael Dolsten, president of BioTherapeutics Research &Development at Pfizer, said in a statement that this global network bringstogether scientific strengths from both companies, continues efforts toincrease research productivity, focuses disease-area research in single locationsand more efficiently uses the company's real estate.
"By focusing our R&D operations in these centers, we arebuilding the world's premier biopharmaceutical R&D enterprise," Dolstenstated. "This new structure puts Pfizer in the best position to conduct cutting-edgeresearch within and beyond our own laboratories and to deliver a portfolio ofhigh-impact medicines to patients."
Pfizer also admitted there will be job cuts, but did notannounce how many researchers will be let go. The company said earlier thisyear that it plans to cut 15 percent of the combined Pfizer-Wyeth workforce,but didn't release specific figures on how many R&D jobs would be cut aspart of the consolidation.
Following the news, Pfizer shares rose 47 cents, or 2.8percent, to close at $17.43.

Subscribe to Newsletter
Subscribe to our eNewsletters

Stay connected with all of the latest from Drug Discovery News.

DDN July 2024 Magazine Issue

Latest Issue  

• Volume 20 • Issue 4 • July 2024

July 2024

July 2024 Issue