Feds looking into Pfizer's Greenstone generics business; shares down 1% after hours - Pfizer Inc. (NYSE:PFE).
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Pfizer (NYSE: PFE ) discloses in its Q2 report ( page 37 ) that the U.S. Department of Justice's Antitrust Division is investigating its Greenstone generics unit, acquired in April 2003 as part of the Pharmacia transaction. The company says it believes that the inquiry relates to the government's ongoing antitrust investigation into the generic pharmaceuticals industry.
Pfizer Inc is an American pharmaceutical corporation headquartered in New York City, with its. In 2003, the new Pfizer made Greenstone (originally established as a division of Upjohn) its generic division, and its The acquisition was completed on October 15, 2009, making Wyeth a wholly owned subsidiary of Pfizer.
Monsanto Company (Spun off 2002).
. During the 1980s and 1990s, Pfizer Corporation growth was sustained by the discovery and marketing of Zoloft, Lipitor, Norvasc, Zithromax, Aricept, Diflucan, and Viagra.
In February 2011, it was announced that Pfizer was to close its UK research and development facility (formerly also a manufacturing plant) in Sandwich, Kent, which at the time employed 2,400 people. .  However, as of 2014, Pfizer has a reduced presence at the site;  it also has a UK research unit in Cambridge.
Development of torcetrapib, a drug that increases production of HDL, or "good cholesterol", which reduces LDL thought to be correlated to heart disease, was cancelled in December 2006.
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Pfizer Inc has announced that it has entered into a series of agreements with Aurobindo Pharma Ltd, a pharmaceutical company based in India.
“Established Products has the benefit of Pfizer’s strong brand recognition, track record of proven efficacy and safety, broad and deep commercial infrastructure around the world, and powerful portfolio. Simmons. Going forward, Pfizer plans to expand the Established Products Business Unit’s product portfolio through additional activities with Aurobindo and other companies to provide our customers with a wider product offering,” said Mr.
Deals broaden Pfizer’s Established Products Business Unit and Greenstone LLC portfolios to deliver affordable quality off-patent medicines to patients.
Sweitzer, Vice President.
Pfizer got Greenstone through its April 2003 acquisition of Pharmacia, and the headed by David Simmons with its own budget and management focused on.
Company name: Greenstone Location: Peapack, NJ Annual sales (in millions): $1.721 Market share: 5.4% Head: David Simmons, president, Pfizer's established products business unit.
2018 Questex LLC.. 275 Grove Street, Suite 2-130 Newton, MA 02466.
While announcing quarterly results earlier this month, Kindler said the company expects new product launches in the EPBU. Products in this unit include Arthrotec, Effexor, Medrol, Norvasc and Relpax.
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The established products business unit portfolio contains more than 600 products spanning a wide range of therapeutic areas. Pfizer's global sales of established products are more than $10 billion annually.
Pharma giant Pfizer has been turning out generics for a while through its Greenstone subsidiary. Pfizer got Greenstone through its April 2003 acquisition of Pharmacia, and the generics unit's operation began to increase the number of drugs it sold last year, when CEO Jeff Kindler formed a business unit headed by David Simmons with its own budget and management focused on products that have lost patent protection, Bloomberg notes. Greenstone manufactures and distributes generic versions of many Pfizer medicines, including several injectables. It also distributes non-Pfizer medicines through agreements with other pharmaceutical companies such as India's Aurobindo.