Pfizer Prepares Major Overhaul, Buys Stake in Genizon
Pfizer's new chief executive is preparing a plan to overhaul the drug maker that could include cutting several thousand jobs and changing the way it develops, makes and markets medicines, The Wall Street Journal reported on Tuesday.
Citing people close to the situation, the Journal said employees at the world's largest drug maker are bracing for deep cutbacks when Chief Executive Jeffrey Kindler presents analysts with some specifics on his plan on Monday.
Kindler has not finalized some of his decisions, and could change his mind about others in the week before his presentation, the paper also said.
Company spokesmen were not immediately available for comment.
Separately, Pfizer took an equity stake in privately held Genizon BioSciences to gain access to Genizon's genetic technology for drug development.
Genizon said that Pfizer has licensed the diagnostic rights to Genizon's programs to discover drugs for Alzheimer's disease, attention deficit hyperactivity disorder and endometriosis. Genizon retains the therapeutic rights.
Financial terms were not disclosed.