Pfizer acquires Wyeth for $68bn

"US drugmaker Pfizer is to buy rival Wyeth in a deal worth $68bn (£50bn), the two companies have announced. The merger will allow Pfizer to protect itself from a drop in revenues when its popular drug Lipitor and other products lose patent protection. It will also help Pfizer diversify its product portfolio, thanks to Wyeth's presence in biotech drugs and vaccines. Pfizer also announced plans to cut 10% of its global workforce, or 8,000 jobs, and shut some manufacturing sites" - BBC