RENEE MONTAGNE, host:
NPR's business news starts with a big pharmaceutical merger.
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MONTAGNE: Pfizer is the world's largest drug maker, and it could soon become bigger. Pfizer's reportedly close to a deal to buy another large drug maker, Wyeth. The New York Times reports the two companies have reached an agreement and that Pfizer will pay $68 billion for its rival. It would be the biggest pharmaceutical merger in a decade. Drug makers are trying to cut costs and expand their offerings as patents on many blockbuster drugs are set to expire over the next few years. That includes patents on Pfizer's lucrative cholesterol-fighting pill Lipitor and Viagra. A merger would allow Pfizer to acquire Wyeth's top-selling childhood vaccine and a popular rheumatoid arthritis treatment.
LINDA WERTHEIMER, host:
In the banking industry, there are more layoffs. The Dutch bank ING says it's eliminating 7,000 jobs. That's more than five percent of its total workforce. The company does substantial business here in the U.S., but last year it lost more than $1 billion. The layoffs are part of a larger announcement. The bank has decided to accept loan guarantees from the Dutch government, and its chief executive will also step down.