Pfizer was nearing agreement Sunday night on a deal to buy rival drug maker Wyeth for about $67bn in a move that would reshape the global drug industry. Pfizer will pay the equivalent of $50.19 per share for Wyeth – comprising $33 in cash and 0.985 of a share of Pfizer stock for each Wyeth share. The two companies spent Sunday hammering out the exchange ratio and other details, including who would fill remaining seats on the combined board. Pfizer expects to raise $25bn to help fund the deal and has lined up commitments from Bank of America/Merrill Lynch, JPMorgan and Goldman Sachs and is in talks to bring others in.

This entry was posted by Gwen Robinson on Monday, January 26th, 2009 at 5:48 and is filed under Capital markets, M&A. Tagged with pfizer, Wyeth. Edit this entry.