The Particulars

Wyeth shareholders will receive 33 dollars plus 0.985 of a Pfizer share per Wyeth share.This is a 29% premium over the Wyeth share price before the talks began.We've spent the last two years getting into a position to do something like this,Mr.Kindler repeated.As a result of this transaction,over time we're gonna have tremendous financial strength and flexibility,and will continue to look for opportunities,the Pfizer executive stated.Wyeth owns drugs such as Enbrel,Effexor and Prednar.A consortium of five banks is underwriting the deal,which is to be half-cash,half-financed.Pfizer will cut its dividend in half to accomodate the deal.It is the biggest pharma deal in about 10 years,and the third biggest of all time.