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With its acquisition of Pharmacia Corporation, drug behemoth Pfizer Inc. hopes that it’s found the prescription for continued world domination. Already the biggest pharmaceutical company on the planet, with 8 percent of the global market, Pfizer’s market share will swell to 11 percent when the deal closes. (Second-place GlaxoSmithKline plc holds a mere 7.3 percent in comparison.) The $55.4 billion stock deal, announced in mid-July, consolidates several hot sellers in the world’s medicine cabinet. Pfizer’s shelf of blockbusters includes the top-selling antidepressant Zoloft, the cholesterol-blocker Lipitor, and the impotence aid Viagra. Pharmacia manufactures the popular arthritis drug Celebrex, the anxiety aid Xanax, and the hair-loss remedy Rogaine. Pfizer investors will retain 77 percent of the new company, and Pharmacia stockholders will own 23 percent. The merger marks Pfizer’s first foray into cancer treatments and ophthalmology. It also continues the recent trend among drugmakers to prospect for future blockbusters by buying rival companies. Current CEO Henry McKinnell remains at the helm of the fortified Pfizer, while Pharmacia’s chief, Fred Hassan, will assume the role of vice-chairman. Pfizer had a hard time swallowing Pharmacia. The New York-based buyer wooed its Peapack, New Jersey-based neighbor for a year and a half before inking the deal. Pfizer’s ardor was fanned by the success of Celebrex, which the two companies market together, and because Pharmacia is one of the few drug companies not currently dogged by generic competitors. Eleven of Pharmacia’s 12 drugs have patents that won’t expire until 2010. For acquiror Pfizer Inc. (New York) In-house: Senior vice president and general counsel Jeffrey Kindler, special legal adviser David Reid, senior assistant general counsel Daniel Cronin, George Evans, and Steven Kany, and assistant general counsel Kent Bernard. Cadwalader, Wickersham & Taft (New York): Corporate: Louis Bevilacqua, Dennis Block, and associates Jarrett Braterman, Viqar Shariff, and C. Becket Sorce. Tax: Linda Swartz and associate Alexander Anderson. Benefits: counsel Jeffrey Ashendorf. Litigation: Kenneth Freeling and associate Brooke Bass. Environmental: senior attorney Jonathan Stone. (Stone is in the firm’s D.C. office.) Clifford Chance (London): Antitrust: Marleen van Kerckhove and associates James Back, Ninette Dodoo, and Anthony Reeves. (All are in the firm’s Brussels office.) Clifford Chance has handled several major deals for Pfizer, including the company’s 2000 acquisition of Warner-Lambert Company. For target Pharmacia Corporation (Peapack, New Jersey) In-house: Senior vice president and general counsel Richard Collier; vice president, associate general counsel, and secretary Don Schmitz; and vice president, associate general counsel, and assistant secretary Judith Reinsdorf. Sullivan & Cromwell (New York): Corporate: Neil Anderson, Keith Pagnani, and associates Jonathan Gluck, Jose Guerra, and Melissa Sawyer. Employee benefits: Max Schwartz and associates Marcy Hirschfeld, Sabine Leube, and Thomas Mukamal. Tax: William Indoe and associate Michael Matays. Environmental: special counsel Matthew Brennan. Antitrust: D. Stuart Meiklejohn and special counsel Michael Miller and Juan Rodriguez. Intellectual property: special counsel Joshua Bressler and associate Anna Kuzmik. OutLook The deal is expected to close by the end of the year, pending approval from U.S. antitrust regulators, as well as shareholders of both companies. -Elisabeth Preis

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