Pfizer's Friday Night Lights Out Plus - New Interview With Kindler
So, what do you do at the end of a week where your company's stock was the worst performer in the Dow and you've got some bad news that could make the shares go down even more?
You employ one of the oldest PR tricks in the book and slip the press release under the door right before everyone turns out the lights to go home for the weekend.
I'm talking about the announcement Pfizer made just around 5 p.m. ET last Friday that it's scuttling its late-stage developmental drug for pancreatic cancer because it didn't help patients live longer.
PFE started the week early Monday morning confirming it's buying Wyeth . From then until the closing bell Friday PFE shares fell 16-and-a-half percent making it the laggard of the Dow for the week.
On the one hand, you could argue that the pancreatic cancer drug news is a timely case in point for why a company like Pfizer needs to buy a company like Wyeth. On the other hand, you could argue that the bad news for Pfizer just keeps on coming.
A week ago today Pfizer announced it would acquire Wyeth for $68BIf the drug had worked, it wasn't going to be a blockbuster. But PFE needs every little thing it can get, especially after investing so much time and money on a product in the third and typically final phase of development before seeking FDA approval.
Coincidentally, I blogged a couple of weeks ago about pancreatic cancer drugs in light of the Steve Jobs news. Both Pfizer and Genentech have now suffered setbacks in making progress for this tough-to-treat form of cancer.
While this is not the kind of news PFE and its investors needed or wanted after a week like last week, this development is, no doubt, an even greater disappointment to the pancreatic cancer community.
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