Pfizer-Wyeth: Looks Like a Done Deal
Pfizer's board of directors voted on Sunday evening to acquire Wyeth for $65 billion. While this may help to assuage some of Pfizer's short term financial problems, like the loss of Lipitor in 2011,the deal will not help the combined company in the long run.
The deal will undoubtedly lead to massive layoffs at both Pfizer and Wyeth--a time when our economy cannot afford much more job loss. Further, it will diminish competition, reduce the need for more scientists and ultimately diminish America's standing in the life sciences.
If I were a Pfizer or Wyeth employee the first thing that I would do on Monday morning would be: update my resume, contact as many recruiters as I can and find a new job before the layoffs begin. I think the era of severance packages is over!
Until next time...
Good Luck and Good Job Hunting!!!
