Pfizer to divest 100 products and cut 800 jobs worldwide

Global drug behemoth Pfizer is to  sell off 100 products and cut 800 jobs worldwide as part of a major restructuring. The company will divest  a large number of compounds to rivals in a bid to turn defunct programs  into quick cash. Elsewhere, Pfizer is to cut 5% to 8% of its global  research staff by the end of this year. The lay-offs will include 240  jobs at the firm's plant in Kent, UK. The world's biggest drugmaker last  year reported it was to drastically reduce the product areas in which it  was operating (Marketletter October 6, 2008).