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Strategies & Market Trends : Speculating in Takeover Targets

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Dec 12 9:30 AM EST

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From: richardred	1/13/2009 12:00:55 PM
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Drugmaker Pfizer cutting up to 800 scientist jobs Drugmaker Pfizer cutting up to 800 scientist jobs due to looming revenue cliff from generics * Tuesday January 13, 2009, 11:57 am EST NEW YORK (AP) -- The world's biggest drug company is laying off up to 800 research scientists and expects to reduce its research staff by 5 percent to 8 percent this year. Tuesday's move by New York-based Pfizer comes after the company narrowed its research focus and reorganized its business units last fall. Looming patent expirations threaten to wipe out much of Pfizer's revenue. Analysts have said they expect Pfizer to make a big move, such as a major acquisition that would allow massive job cuts to save money. Pfizer makes the world's top-selling drugs, cholesterol fighter Lipitor, which is expected to face generic competition late in 2011. That will slash Lipitor's sales, now nearly $13 billion but under pressure from a generic version of a similar drug. finance.yahoo.com

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