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 has announced plans to buy another large drug maker, Wyeth. It's paying $68 million in stock and cash to scoop up its rival. If the deal goes through, it will be one of the biggest pharmaceutical mergers in the last decade. Drug makers have been consolidating to try to reduce costs and expand their offerings. The patents on many lucrative drugs are set to expire over the next few years and that includes Pfizer's cholesterol-fighting pill Lipitor and Viagra. This merger will allow Pfizer to acquire Wyeth's top-selling childhood vaccine and also a popular treatment for rheumatoid arthritis.
LINDA WERTHEIMER, Host:
Along with the merger agreement, Pfizer also said it's slashing more than 8,000 jobs. That's one of several major layoff announcements this morning. Heavy machine maker Caterpillar says it's cutting another 5,000 jobs in the next three months as part of a plan to reduce its workforce by 20,000 people. Home Depot is cutting 7,000 jobs. Wireless phone company Sprint said it's axing 8,000 jobs, 14 percent of its workforce.