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Pfizer in talks to buy Wyeth, deal could top $60 bln: report


    (Reuters) - Pfizer Inc, the world's largest drug maker by revenue, is in talks to acquire rival Wyeth in a deal that could be valued at more than $60 billion, the Wall Street Journal reported on its website, citing people familiar with the matter.

    The two sides have been in discussions for months and a deal is not imminent, the people told the paper.

    The talks are fragile given recent market volatility and weak global economic conditions, and could collapse, the people told the paper.

    PFIZER (PFE.NY)spokesman Raymond Kerins told Reuters the company does not comment on "market rumors or speculation," while Wyeth could not be immediately reached for comment.

    A Wyeth spokesman told the Journal the company does not comment on "marketplace rumor."

    Analysts expect Pfizer to announce more cost cuts and restructuring efforts as it faces a loss of sales when its patent on blockbuster cholesterol drug Lipitor expires in 2011.

    The Journal said Pfizer would likely use a combination of cash and stock to acquire Wyeth. Details on pricing have not been worked out, it said.

    The paper said with Wyeth's market capitalization at about $52 billion and premiums in the sector averaging at over 20 percent, the deal would be over $60 billion.

    Based on Thursday's closing share price of $17.21, Pfizer was valued at nearly $118 billion.

    This month, Pfizer CEO Jeff Kindler told the Financial Times the pharmaceuticals group was open to acquisitions.

    (Reporting by Ajay Kamalakaran in Bangalore; Editing by Anshuman Daga)