For example, much has been said about Pfizer's $4.5 billion kill fee, much larger than normal, but Wyeth has one too. If the target receives a better offer, it will have to pay either $1.5 billion or $2 billion, depending on the timing. In some circumstances Wyeth could also be on the hook for up to $700 million of Pfizer's expenses.
Also, if the deal closes, Pfizer has to appoint two current Wyeth directors to its board. Wyeth current has 11 board members
(full list here).
If as expected Wyeth CEO Bernard Poussot doesn't take an active management role in the new Pfi-Wy, it will be interesting to see if he's in the running for the Pfizer board.
- Alex Lash
Pfizer Inc. and Wyeth just released their merger agreement, and there are plenty of details to chew over. We'll pass them along as we read through the document.
