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CNBC.com |
Pfizer announced this morning that it is pulling all of its applications around the world for approval of a MRSA-related drug and going back to the drawing board to do another big, expensive clinical trial.
Shares of the Dow component are lower, but that could also be a reaction to reports from overseas that PFE [PFE
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]may take a couple aspirin...Bayer aspirin, that is.
There are scattered media outlet reports citing European traders saying there are rumors Pfizer might make a play for Germany's Bayer[BAY
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]. Shares of BAY, which are usually lightly-traded here, rallied in overseas trading.
Pfizer--and pretty much any company, for that matter--never comments on deal rumors. But Chairman and CEO Jeff Kindler has repeatedly said that a big merger or acquisition doesn't make sense. Bayer is a combo drug-chemical company. And it's part owner of a competitor to PFE's kidney cancer drug Sutent. BAY and Onyx Pharmaceuticals [ONXX
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]sell Nexavar for kidney and liver cancer. PFE wants a bigger footprint in oncology, but would it buy a company with a similar, competing drug?
Pfizer has a major headache in the form of the looming patent expiration on the mega-blockbuster cholesterol-fighter Lipitor and little in its drug development pipeline to replace the loss of $13 billion in annual revenue. And taking two aspirin isn't gonna make it go away.
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