Biz Blog

Choose a blog

Pfizer takeover of King includes Cary office

Bookmark and Share

Pfizer will gain another Triangle operation when it buys King Pharmaceuticals for $3.6 billion.

The deal announced today is Pfizer's largest since it bought rival Wyeth for $68 billion in 2009. That acquisition included Wyeth's vaccine plant in Sanford, where Pfizer plans to cut 400 workers over the next five years.

King has a research office in Cary. The Bristol, Tenn.-based company, which employs about 2,600 people worldwide, doesn't disclose employee totals at its regional offices, said spokesman Jack Howarth. He also declined to comment on what type of research is done at the Cary offices.

The company's products include pain drugs, including painkillers designed to be resistant to abuse, and EpiPen, a pre-filled injection to treat allergic reactions.

The deal is the latest takeover in a series of deals that's consolidating the pharmaceutical industry. Pfizer and other large drug makers are looking for smaller companies with promising new products.

Pfizer expects to cut $200 million in costs from King within three years, but officials would not say how many jobs will be eliminated once the deal closes in the first quarter of next year.

Pfizer is in the process of cutting 20,000 jobs in the wake of the Wyeth deal, including at the Sanford plant.

The company also plans to eliminate research operations in Sanford and Morrisville that employ about 170 people.

Comments

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

Buy Classic Short Uggs Online,50% off hot sale

Professional [url=http://www.ugg-boots-guide.com] uggs outlet supply [/url] [url=http://www.ugg-boots-guide.com] classic short uggs online [/url],Economical Price With High Quality! Big Discount! Fast And Free Shipping!Buy classic uggs short now!

Save 66% off Chi Nano Digatal Flat Iron,Buy Chi Flat Iron Free S

Supply the different sizes of Chi hair tools and designs ,<a href="http://www.ugg-boots-guide.com">Chi Nano Digital Flat Iron</a> ,<a href="http://www.ugg-boots-guide.com">Chi flat iron,Chi hair straightener</a> .  Save 66% off <a href="http://www.ugg-boots-guide.com">GHD Hair straightener</a> .  Buy Discount Chi Flat Iron Free Shipping.

Cars View All
Find a Car
Go
Jobs View All
Find a Job
Go
Homes View All
Find a Home
Go

Want to post a comment?

In order to join the conversation, you must be a member of newsobserver.com. Click here to register or to log in.

About the blogger

Assistant Business Editor Alan M. Wolf joined the N&O in 1999 covering the business of health care. He became an editor in 2001, and helps oversee the paper's daily business coverage and Sunday Work&Money section. He lives in Clayton with his wife and two children. Reach him at 919-829-4572 or e-mail him.
Advertisements