Hinting at layoffs, Pfizer extends severance

One hint that Pfizer layoffs will only continue: The company extended its severance-package program, which was due to expire at year's end, through mid-2009, because the drugmaker couldn't treat new layoffs differently from those cut previously. And according to sources close to the action, those layoffs probably would include a large number of sales reps.

Meanwhile, Pfizer is also considering spinning off some of the research units that it put on the "eliminate" list two weeks ago, Pharmalot reports. Plus, the company might buy a "brand-name biotech." As you know, almost every time a biotech appears to be on the block, Pfizer is rumored to be among the pharma firms kicking tires. Which target might actually prove out is a mystery, though the gossip says Pfizer might take another look at Biogen Idec.

A new round of job cuts would add to the 10,000 Pfizer announced in January 2007 as part of a major restructuring program that also included plant closures and research-center shutdowns.

- read the post at Pharmalot

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