Pfizer Inc. (PFE) Narrows Its Focus to 5 Research Areas, Set to Dominate With Takeovers
3/12/2012 8:17:00 AM
Pfizer's research center in Sandwich, England, is the birthplace of Viagra, the $2 billion-a-year erectile dysfunction pill that's among the most famous and widely used drugs in the world. Nonetheless, the 213-acre site, once Pfizer's biggest European lab, is for sale, and more than 2,000 of the employees who worked there were fired in 2011. Chief Executive Officer Ian Read says he can't be sentimental. The Sandwich closure, announced in February 2011, two months after he became CEO, is part of his strategy to narrow Pfizer's focus to just five therapeutic areas.
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