Seven California pharmacies don't want to see Pfizer's $68 billion buyout of Wyeth succeed, and they've filed suit against the drugmaker to protest the deal. Four of the five banks that provided the $22 billion loan to finance the deal were beneficiaries of the Troubled Asset Relief Program funds, claims Golden Gate Pharmacy Services. The group objects to the fact that government bailout money would be used to finance a buyout that will result in the loss of some 22,000 jobs. In addition to job cuts, Golden Gate says the deal will lead to less competition for certain drugs and give pharmacies fewer supplier choices.
A Pfizer spokesperson told Bloomberg that the company hasn't been served with the lawsuit, but believes the complaint, which was filed in a San Francisco federal court, is without merit.
- here's the Bloomberg report