- The Washington Times - Wednesday, April 16, 2003

NEW YORK, April 16 (UPI) — Pfizer Inc. on Wednesday completed its $54 billion acquisition of rival Pharmacia Corp.

Both companies announced the deal in July after agreeing to sell some overlapping assets.

Pfizer said the combination expands its worldwide position, broadens its product base and bolsters its research and development capacity.

Pfizer also said it expects merger-related cost savings of $2.5 billion in 2005.

"As we move to rapidly integrate Pharmacia into our operations, we will be in a position to capture the revenue and expense synergies between the two companies," said David Shedlarz, executive vice president and chief financial officer.

The company also said it will expand its patient assistant program to provide additional medicines following the close of the Pharmacia acquisition.

The acquisition was given the green light Monday when the Federal Trade Commission unanimously voted to accept an agreement, called a consent decree, reached between the two companies and the commission.

The combined company will hold about 11 percent of the world's market for prescription drugs and be more than 50 percent larger than its closest rival, Britain's GlaxoSmithKline Plc.


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