There I go again showing my age with that dated reference to Jersey's own Joe Piscopo and his schtick. But it's to make a point.
New Jersey, where I live and work, is known as "The World's Medicine Chest" or "The Silicon Valley of Pharma." Johnson and Johnson is headquartered here. Merck calls NJ home. Schering-Plough is based in the Garden State. Celgene headquarters are located a short drive from my house. Wyeth lives here. Sanofi-Aventis, Novartis, Roche, AstraZeneca, and NovoNordisk, just to name a few, all have major operations in Jersey.
Former Goldman Sachs Chairman and now New Jersey Governor Jon Corzine has to be beside himself. His state is already reeling from the banking crisis because of its proximity to and dependence on Wall Street. And now a consolidation wave in big pharma is threatening to take the state under. Gov. Corzine came on CNBC recently and said he was on his knees begging the CEOs of PFE and WYE not to turn Wyeth's sprawling NJ campus into a white elephant. If Merck buys Schering or if, as some analysts are hinting today, JNJ buys Schering you can bet SGP's Kenilworth, NJ HQ will be downsized or shuttered.