Pfizer explores the strategic options for Pharmacia Diagnostics business
Pfizer Inc. is considering selling its Pharmacia Diagnostics business among its options.
Pharmacia Diagnostics, founded over 30 years ago, became a part of Pfizer in April 2003, with Pfizer’s acquisition of Pharmacia.
With its headquarters in Uppsala, Sweden, Pharmacia Diagnostics generated revenues of about $220 million in 2002. Pharmacia Diagnostics business employs about 1,100 people in 60 countries worldwide.
Pharmacia Diagnostics is a leading player in the world of allergy testing, a position it has built up for over 25 years. The business develops, manufactures and markets complete blood test systems to support the clinical diagnosis and monitoring of allergy, asthma, and autoimmune diseases.
Pfizer’s Chairman and CEO, Hank McKinnell acknowledged Pharmacia Diagnostics as a "successful and growing business, with an outstanding reputation and strong position in its industry" and added: "however, this business is not aligned with Pfizer’s strategic focus in human pharmaceuticals, consumer healthcare and animal health."
In May 2003 it was reported that Pfizer would close four laboratory facilities in the Chicago area, including the former Searle unit of Pharmacia in Skokie, a biotech unit in South San Francisco, a French research center near Paris, and the company would eliminate research positions in Michigan.
Pfizer has retained Lazard as its investment bankers.
Keywords : Pfizer Inc. Pharmacia Diagnostics Uppsala Sweden Allergy testing Strategic options Sale
