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SINOVAC BIOTECH LTD (SVA) 7.55 -$0.30 (-3.82%) 01:53AM (15 mins delay)

China Biotech Week in Review: Wyeth / Pfizer Merger Allowed

Oct 04, 2009 - 6:04 AM EDT

ChinaBio Today submits:

The Anti-Monopoly Bureau of China’s Ministry of Commerce (MOFCOM) has given its okay to the merger between Pfizer (NYSE: PFE) and Wyeth (NYSE: WYE) (see story). However, MOFCOM will require that Pfizer divest its swine mycoplasmal pneumonia vaccine business.

Eli Lilly (NYSE: LLY) plans to double its workforce inside of China this year, bringing the total up to 2,000 (see story). At the same time, the company announced a 5,500 employee reduction in its worldwide staff count that will help trim $1 billion in annual costs. Inside China, Lilly will double its sales force from 800 to 1600 so that it can expand its coverage in central and western areas of the country. The company will also add operations and accounting personnel.

Complete Story »

Source: Seeking Alpha (Oct 04, 2009 - 6:04 AM EDT)