Despite having recently layed off thousands of workers to cut costs, drug giant Pfizer Inc. is reportedly close to closing a deal in which they will pay between $65 and $70 billion to acquire Wyeth. According to The Wall Street Journal, Wyeth (The company that manufactures Advil), is the world's third largest biotechnology company.With the announcement of the pending merger, stocks of both companies jumped approximately 13%. Although Pfizer allegedly has a strong cash flow and credit rating, and Wyeth allegedly has low debt- making the companies seem like a good match for a merger- the deal is not written in stone. It could still fall through. Johnson & Johnson also reportedly has an interest in purchasing Wyeth.
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