Pfizer To Sell Billions Dollar Subsidiaries Off To The Highest Bidder

Drug manufacturer Pfizer is planning to continue to sell products for the animal and baby food industry, but all other business operations will be sold off. The company makes an estimated $12.9 billion a year selling prescription drugs across several different sectors, but executives believe that their business can by streamlined by focusing on the most profitable areas. The main reason that Pfizer is planning on selling some its most lucrative subsidiaries is because the company will soon be losing exclusive rights to its most popular prescription drugs. Lipitor, which is a prescription drug that is used to manage high cholesterol levels, will be competing with a generic version later on in the year.

Pfizer stocks have been steadily falling as prospectors weigh in on the company’s future. Although the sale is not planned to take place until sometime in the year 2012, Pfizer will start to scale back its production and research efforts soon. Currently, the company is not working on developing any new products outside of the animal care and baby food industries. Executives at Pfizer also hope that the move will help to increase the company’s rating with Standard & Poor.

This is the first time in recent years that a drug company has announced that it would be selling off large portions of it core operations. Competing companies in the baby food and animal care sectors will likely increase product research and development efforts in order to prevent Pfizer from dominating the industries in which it plans on shifting toward.