Pfizer, Inc. (New York, NY, http://www.pfizer.com/) will phase out manufacturing operations in Groton, Connecticut, eliminating roughly 300 jobs.
Pfizer plans to begin cutting its Groton manufacturing operations in 2007. The facility makes active ingredients for several pharmaceuticals and animal health products, and the company plans to transfer the manufacture of those products to other plants.
FDA Withdraws 117 Inactive NDAs and ANDAs
Effective June 16, 2006, the US Food and Drug Administration (Rockville, MD,
http://www.fda.gov/) withdrew approval of 65 new drug applications (NDAs) and 52 abbreviated new drug applications (ANDAs). The holders of NDAs and ANDAs each notified FDA that their drug products are no longer marketed and requested that the approval of the applications be withdrawn. The applicants waived their opportunity for a hearing. The list is available in the Federal Register (Federal Register
71 , [June 16, 2006]).
Johnson & Johnson Company (J&J, New Brunswick, NJ, http://www.jnj.com/) agreed to buy the consumer healthcare business of Pfizer, Inc. (New York, NY, http://www.pfizer.com/) for $16.6 billion in cash.
"This acquisition builds upon our broad base in healthcare products and our leadership objectives in the consumer, pharmaceutical, and medical devices and diagnostics markets," said William C. Weldon, J&J's chairman and CEO, in a company release. Pfizer's consumer healthcare business includes personal care and over-the-counter (OTC) products such as "Zantac," "Sudafed," "Neosporin," and "Benadryl." Overall, the business posted 2005 sales of $3.9 billion. J&J also will acquire the US OTC switch rights to "Zyrtec" (cetirizine), Pfizer's once-a-day, nonsedating prescription antihistamine, upon patent expiration.
Pfizer decided to sell the business following a review of its strategic options that the company had initiated in February. The deal is expected to close by the end of 2006.
Pfizer also announced that during 2006 and 2007, it will purchase as much as $17 billion of the company's stock by using the net proceeds from the sale of its consumer healthcare business and cash from ongoing operations.