The nation's largest drugmaker, Pfizer, New York, said it will acquire Pharmacia Corp., Peapack, N.J., in a stock transaction valued at $60 billion. Pharmacia is proceeding with the previously announced spinoff of its ownership of Monsanto, after which Pfizer will exchange 1.4 shares of stock for each outstanding share of Pharmacia. The combined company will control as many as 12 drugs with annual revenue over $1 billion, officials said. Its total annual revenue for 2002 will be approximately $48 billion, including $39 billion in prescription products. Pfizer and Pharmacia already are partners on the blockbuster COX-2 inhibitor Celebrex and in April began promoting a second such anti-inflammatory, Bextra. Pfizer's medicine cabinet already includes the blockbuster drugs Viagra and Lipitor. Subject to regulatory approval, the deal is expected to close by year-end. -- by Cinda Becker
Pfizer to add Pharmacia, creating $48 billion firm
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