Pfizer Inc. (PFE) CEO Targets Joint Ventures if Control Issues Settled: Report
6/7/2013 8:22:37 AM
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Pfizer CEO Ian Read indicated that the company may pursue joint ventures (JVs) with other drugmakers for developing medicines and expanding in certain countries, the Financial Times reported Thursday. Read suggested that such partnerships could be formed if the "stumbling block" of control could be resolved.
The executive noted that he was more focused on generating more "visibility" around the company's two distinctive core prescription drug businesses, with the "value" division of existing off-patent branded medicines and the core innovative "growth" unit of experimental products in development. Given the growing pressures to cut costs in drug development, Read mentioned vaccines, oncology and neurodegenerative diseases as potential contenders for future partnerships with competitors. Pfizer currently has a JV with Johnson & Johnson focusing on Alzheimer’s disease.
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