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BUSINESS
November 26, 1992
Biospherics Inc. of Beltsville said yesterday that it would proceed without Pfizer Inc. to begin testing its low-calorie sweetener, D-tagatose, and that it hoped to market the product overseas within a couple years.After eight months evaluating the Biospherics product, Pfizer said the test results were encouraging, but that it would not go ahead developing the product as quickly as Biospherics wanted, said Gilbert V. Levin, president of the company.Biospherics said it had already made enough of the sweetener to begin tests in an industrial toxicology laboratory.
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BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | May 18, 2014
Research labs closed by pharmaceutical giant Pfizer dot the country: Illinois. Michigan. New Jersey. New York. North Carolina. Maryland officials don't want this state to join that list. After Pfizer declared its desire to buy AstraZeneca — which employs 3,100 in the state — Gov. Martin O'Malley and six members of Maryland's congressional delegation fired off concerned letters, even though the purchase is by no means a done deal. So far, London-based AstraZeneca has rebuffed its New York suitor.
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BUSINESS
By New York Times News Service | January 23, 2007
Drug giant Pfizer Inc. said yesterday that it would lay off 10,000 workers and close several manufacturing and research sites in an effort to bolster earnings hurt by the loss of patent protection on certain drugs and setbacks in developing new products. The company said the employee reductions were equivalent to about 10 percent of its worldwide work force and would take place by the end of next year. Among the cuts would be a 20 percent reduction in its European sales force. That move would follow a similar reduction announced two months ago in the company's American sales force and is included in the 10,000 figure.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | May 8, 2014
Gov. Martin O'Malley and Delaware Gov. Jack Markell sent a joint letter to Pfizer Thursday expressing concerns about its proposed $106 billion acquisition of pharmaceutical firm AstraZeneca, which employs thousands in both states. The governors said they earlier asked for but did not receive assurances from Pfizer that it intends to preserve those jobs, though they said the company made such promises to British leaders about jobs there. "Our concern is exacerbated by Pfizer's history of closing U.S. research facilities, including sites in Michigan and Illinois, after closing on previous corporate transactions," they wrote.
NEWS
By DAVID WILLMAN and DAVID WILLMAN,LOS ANGELES TIMES | June 15, 2006
WASHINGTON -- A senior scientist at the National Institutes of Health exercised his right against self-incrimination yesterday, refusing to answer questions from a congressional subcommittee probing conflicts of interest at the agency. Dr. P. Trey Sunderland III, who remains chief of the geriatric psychology branch at the NIH's National Institute of Mental Health, had accepted hundreds of thousands of dollars in fees from Pfizer Inc. while collaborating with the company in his official role.
BUSINESS
By Bloomberg News | November 29, 2006
NEW YORK -- Pfizer Inc. will slash 2,200 U.S. sales jobs as the world's largest drugmaker reduces expenses to compensate for revenue lost to cheaper generic pharmaceuticals. The 20 percent cut in Pfizer's sales staff of 11,000 is an "initial step" growing out of a companywide review of operations announced in October, Pfizer said in a statement yesterday. Pfizer said it would outline additional steps in January. Members of the U.S. sales staff will be notified next month whether they are among those being fired, said Paul Fitzhenry, a Pfizer spokesman.
BUSINESS
By BLOOMBERG NEWS | March 18, 2003
NEW YORK -Pfizer Inc., the world's biggest drug maker, said yesterday that it expects to complete its $53 billion purchase of Pharmacia Corp. next month after agreeing with U.S. antitrust regulators to sell some products. The U.S. Federal Trade Commission staff will forward the proposal to the full commission for approval, Pfizer said. Pfizer spokesman Andy McCormick declined to identify the products to be sold, though the company said the divestments won't have a material effect on its business.
BUSINESS
By BLOOMBERG NEWS | November 17, 1999
NEW YORK -- Pfizer Inc. urged shareholders of Warner-Lambert Co. yesterday to remove the company's directors as it stepped up pressure on the rival drug maker to accept a hostile takeover bid of $73 billion.Pfizer said it will begin soliciting shareholder votes as it tries to block a $70 billion friendly merger between Warner-Lambert and American Home Products Corp. Either transaction would create the world's largest drug maker.Warner-Lambert rejected Pfizer's bid and threatened to cancel the companies' partnership to market the cholesterol drug Lipitor, Warner-Lambert's best seller.
BUSINESS
By BLOOMBERG NEWS | April 15, 2003
NEW YORK -Pfizer Inc., the world's largest drug maker, won Federal Trade Commission approval yesterday for its $57 billion purchase of Pharmacia Corp., clearing the final regulatory obstacle to completing the takeover this week. Last month, both companies agreed to sell some products to win U.S. antitrust approval, and in February reached a similar accord to obtain European Commission clearance. The acquisition will give Pfizer all of the revenue for Celebrex and Bextra, top-selling painkillers that are jointly marketed by the two companies.
BUSINESS
By BLOOMBERG NEWS | October 29, 2002
BEAUMONT, Texas - Pfizer Inc., the world's No. 1 drug maker, agreed to pay $49 million to settle a suit alleging that a company it acquired two years ago overcharged the federal and state governments for Lipitor, a cholesterol-lowering drug. The settlement was more than double the $21 million the Medicaid program overpaid for the drug in 1999, according to lawyers for plaintiff John David Foster, a former account manager for Pfizer's Parke-Davis unit. Foster raised questions about the charges for Lipitor that led to the whistle-blower suit in 2000.
BUSINESS
By Jay Hancock | July 11, 2011
If you seek more evidence for the decline and fall of the U.S. economy, Pfizer Inc. is furnishing it. The huge pharmaceutical company has been slashing its research and development spending and eliminating thousands of jobs. Last week John Mattina, Pfizer's former R&D chief, questioned the strategy, telling Reuters: "If you don't have new products, you don't have a business anymore. " That might be the grim diagnosis not just for Pfizer but for America Inc. The federal government, under pressure to balance the budget, has been cutting research spending for decades.
BUSINESS
October 12, 2010
Container cargo at the port of Baltimore's public terminals in August was its second-highest amount ever for a single month, continuing a strong rebound, port officials said Tuesday. In August, 57,510 TEUs, or 20-foot equivalent units, came across the city's docks. In July, container traffic had set a record with 63,740 TEUs. Container cargo was strong in June as well, with 57,277 TEUs. Before that, the record was 56,454 TEUs, set in July 2005 — before the economic downturn.
BUSINESS
By Josh Meyer and Josh Meyer,Tribune Newspapers | September 3, 2009
WASHINGTON - -A landmark $2.3 billion health care fraud settlement announced Wednesday involving Pfizer Inc. has put the pharmaceutical industry on notice that its widespread and potentially criminal behavior in promoting drugs for unauthorized uses won't be tolerated by the Obama administration, government officials and legal experts said. But, they added, some companies will continue to risk prosecution for such questionable practices because the fines and penalties pale in comparison to the extraordinary profits that are being made on the widespread practice of marketing drugs for "off-label" uses that have not been approved by the federal government.
BUSINESS
September 3, 2008
Towson U. gets U.S. development grant Towson University said yesterday that it has won $300,000 in federal grants to be used on economic development services in Baltimore and Western Maryland in the next three years. The Department of Commerce's Economic Development Administration awarded the grants. Towson University, which plans to work with Frostburg State University on the Western Maryland services, said it used a 2005 grant from the federal agency to help Baltimore officials put together an economic development strategy and also to track worker skills and commuting patterns in Western Maryland.
BUSINESS
By New York Times News Service | June 19, 2008
For people with high cholesterol, the wait for a cheaper version of Lipitor has gotten longer. Pfizer Inc. announced an agreement yesterday to head off generic competition for its flagship drug until November 2011. The drugmaker said it settled patent litigation with Ranbaxy Laboratories, an Indian generic drugmaker that had threatened to market its own version of Lipitor, the world's best-selling medicine. The agreement delays Ranbaxy's generic version of Lipitor and is estimated to be worth billions of dollars in additional sales for Pfizer, which could have faced generic competition from Ranbaxy as early as March 2010.
BUSINESS
March 6, 2008
Pfizer Inc. Shares fell 19 cents to $22.05. To prepare for competition from generic versions of its cholesterol medicine Lipitor, the world's largest drug maker will outsource more manufacturing and expand in China.
BUSINESS
By KNIGHT RIDDER/TRIBUNE | July 8, 2004
HACKENSACK, N.J. - Pfizer Inc., the world's largest pharmaceutical company, will soon offer its medicines at discounts to the country's uninsured. Pfizer officials said in announcing the move yesterday that the program would give people without drug coverage the same access to prices leveraged by health maintenance organizations, major corporations and other entities with substantial buying power. The program, to begin next month, will be available to the uninsured population regardless of age or income, although people who make more money will receive less-extensive discounts.
BUSINESS
By Bruce Japsen and Bruce Japsen,CHICAGO TRIBUNE | April 6, 2005
Pharmaceutical giant Pfizer Inc. said yesterday that it will cut $4 billion in costs by 2008 to bolster profits, as demand wanes for its controversial painkillers Celebrex and Bextra and patents expire on some of its other popular brand-name medicines. During a conference call, Pfizer warned its 2005 earnings are expected to fall 6 percent this year - to $2 per share, short of the average view of $2.13 per share analysts expected. Pfizer said 2005 revenues would be flat, matching the $52.5 billion it made in 2004.
BUSINESS
By Bloomberg News | April 3, 2007
WASHINGTON -- Pfizer Inc. fought off a U.S. Supreme Court appeal that aimed to open the company's Lipitor cholesterol pill, the most widely prescribed drug in the world, to generic competition. The high court, without comment, turned away yesterday arguments from Indian drugmaker Ranbaxy Laboratories Ltd., which sought to block a patent extension that protects Lipitor in the United States through March 2010. A federal appeals court upheld the extension in August. Lipitor had sales of $12.9 billion last year and accounts for as much as 40 percent of Pfizer's profit.
BUSINESS
By New York Times News Service | January 23, 2007
Drug giant Pfizer Inc. said yesterday that it would lay off 10,000 workers and close several manufacturing and research sites in an effort to bolster earnings hurt by the loss of patent protection on certain drugs and setbacks in developing new products. The company said the employee reductions were equivalent to about 10 percent of its worldwide work force and would take place by the end of next year. Among the cuts would be a 20 percent reduction in its European sales force. That move would follow a similar reduction announced two months ago in the company's American sales force and is included in the 10,000 figure.
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