Marriage Of Pharmacia And Upjohn Will Create New $13 Bill Drug Group
Marriage Of Pharmacia And Upjohn Will Create New $13 Billion Drug Group
Merger mania continued unabated through the normally quiet month of August, with the announcement from Swedish drugmaker Pharmacia and the USA's Upjohn Company that they had agreed to merge. The new company, to be called Pharmacia & Upjohn, will have a market capitalization of around $13 billion and annual sales of some $7 billion from prescription pharmaceutical products.
The announcement, which came just a couple of days after Rhone-Poulenc Rorer's hostile bid for Fisons (see page 5) would take the newly-merged company into ninth place in the world pharmaceutical league. Cost savings of around $500 million are anticipated, as is a reduction in the joint workforce by 4,000 from the current level of around 34,500.
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