Stronger Together: Pfizer Decides Against A Split
The pharma giant's decision not to break up into two separate publicly traded companies as it has been contemplating for several years reflects an improved growth outlook and the inability to unlock trapped value. Now Pfizer can finally get on with business.
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Pfizer's ambitious plans to spin out its Upjohn branded and generics business will result in a smaller, innovation-focused pharma. The decision comes after nine years of back-and-forth about whether the move would unlock value.
Chief Operating Officer Albert Bourla will succeed Ian Read as CEO of Pfizer, taking over the top spot at a steady point in the big pharma's evolution. Bourla's near-term challenges will be navigating the loss of Lyrica and the changing US health care dynamics.
The specialty pharma is dividing its operations into rare disease and neuroscience units, but whether that will mean a spinout for the latter won't be revealed for months.