The U.S.'s loss is Asia's gain. Pfizer is the latest drug maker to announce it's looking to outsource a big chunk of its manufacturing, mostly to Asia--30 percent, to be exact. Currently, the company farms out about 15 percent.
The motivation, of course, is cost-cutting. As part of a company-wide restructuring earlier this year, Pfizer announced it would shut down plants in Brooklyn, NY, and Omaha, NE, plus sell a plant in Germany. Presumably the company intends to hire others to take over that work, and perhaps other projects as well.
Meanwhile, the company launched its tender offer for Coley Pharmaceutical Group at $8 a share. Some 27 percent of Coley's shareholders already pledged to accept Pfizer's offer, which expires December 28.
- see the outsourcing article from CNN Money
- read the latest on the Coley deal in a Pfizer news release