Abstract
Mergers And Corporate Inversions: The Case of Pfizer
Highlights
1- INTRODUCTION In the $1 trillion pharmaceutical and biotech industry, Pfizer has long been renowned for a robust research and development (R&D) department and an extensive product portfolio and has often enjoyed first-mover advantage (Yahoo Finance, 2016)
Management decided to pursue a corporate inversion that would move its headquarters from New York to London
Corporate inversions have become popular among multinational corporations (MNCs) seeking favorable tax rates and cost savings (Avi-Yonah & Marian, 2015; Capurso, 2016; DeAngelis, 2015; Gapper, 2016)
Summary
Pfizer’s corporate history encompasses scientific discoveries, unique entrepreneurial initiatives, and wellplanned internationalization. Pfizer’s merger with Warner-Lambert in 2000, the firm introduced an array of other profitable drugs that improved the lives of millions of consumers, including Geodon (ziprasidone hydro-chloride), Vfend (voriconazole), Relpax (eletriptan HBr), Caduet (amlodipine besylate and atorvastatin calcium), Sutent (sunitinib malate), Eraxis (anidulafungin), and Chantix (varenicline) These profit- able drugs burnished the company’s reputation and helped Pfizer to remain a major. Product development in the pharmaceutical and biotech industry remains costly and cumbersome: It can take more than $500 million to bring a major new drug to market. In 2014, its pipeline brand equity issues, and well-managed market of leading drugs included Enbrel, which is used segments (Thompson, 2001) These core to treat inflammatory conditions; Lyrica, for competencies are always changing in response epilepsy, neuropathic pain, fibromyalgia, and to competition and shifts in organizational generalized anxiety disorder; Prevnar, a structures. Exhibit 4.Top 30 Drugs in the Global Pharmaceutical/Biotech Industry
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