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| Company type | Public |
|---|---|
| NYSE: AHP (until 2002) NYSE: WYE (2002–2009) | |
| Industry | Pharmaceuticals, Healthcare |
| Founded | (1860) Philadelphia, Pennsylvania, U.S. |
| Fate | Acquired by Pfizer |
Number of locations | Collegeville, Pennsylvania and Madison, New Jersey United States |
Key people | Bernard J. Poussot, CEO, President and Vice Chairman of Wyeth Robert Essner, Chairman Joseph Mahady, President, Global Business, Wyeth Pharmaceuticals John Wyeth, Founder |
| Products | Premarin, Effexor, Enbrel, (See more products.) |
| Revenue |  US$ 22.4 billion (2008) |
| US$ 4.6 billion (2008) | |
Number of employees | 49,732 (2005) |
| Parent | Pfizer |
| Website | (now part of Pfizer) was www.wyeth.com |
Wyeth was a pharmaceutical company until it was purchased by Pfizer in 2009. The company was founded in Philadelphia, Pennsylvania, in 1860 as John Wyeth and Brother. Its headquarters moved to Collegeville, Pennsylvania, and Madison, New Jersey, before its headquarters were consolidated with Pfizer's in New York City after the 2009 merger.
Wyeth manufactured over-the-counter (OTC) drugs Robitussin and the analgesic Advil (ibuprofen) as well as prescription drugs Premarin and Effexor.
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In 1860, pharmacists John (1834–1907) and Frank Wyeth opened a drugstore with a small research lab on Walnut Street in Philadelphia. In 1862, on the suggestion of doctors, they began to manufacture large quantities of commonly ordered medicines. They were successful, and in 1864 they began supplying medicines and beef extract to the Union army during the Civil War.[citation needed]
In 1872, Henry Bower, an employee of Wyeth, developed one of the first rotary compressed tablet machines in the United States. This enabled the mass production of medicines with unprecedented precision and speed. It was successful, and the Wyeth brothers won multiple awards at the Centennial Exhibition. In 1883, Wyeth opened its first international facility in Montreal, Canada, and began vaccine production. Six years later a fire destroyed the brothers' original Walnut Street store, and they sold the retail business and focused on mass production.[citation needed]
John Wyeth died in 1907 and his only son, Stuart, became the company's president. The Whitehall building in downtown Manhattan became the corporation's first headquarters. Global sales increased due to the sales of Wyeth's Kolynos brand of toothpaste. In 1929, Stuart Wyeth died and left controlling interest to Harvard University.[citation needed]
In 1930, Wyeth purchased Anacin, a product for tension headaches which quickly became the company's flagship product. One year later, Harvard sold Wyeth to American Home Products for US$2.9 million.[citation needed]
In 1935, Alvin G. Brush, a Certified Public Accountant, became CEO of the organization and served for 30 years. Under Brush's leadership, 34 new companies were acquired in 15 years, including Chef Boyardee and the S.M.A. Corporation, a pharmaceutical firm specializing in infant formulas. Wyeth also made its first licensing deal, acquiring an antibiotic for arthritis vaccine research.[citation needed]
In 1941, the US entered World War II, and Wyeth shipped typical wartime drugs such as sulfa bacteriostatics, blood plasma, typhus vaccine, quinine, and atabrine tablets. Wyeth was later rewarded for its contribution to the war effort. During this time, Wyeth launched its penicillin research facility with G. Raymond Rettew. In 1943, Wyeth purchased G. Washington Coffee Refining Company, an instant coffee company created by early 20th century Belgian inventor George Washington.
In 1943, Wyeth merged with Ayerst, McKenna and Harrison, Ltd. of Canada. With this merger came Premarin, the world's first conjugated estrogen medicine, which was a flagship product for Wyeth until 2002, when preliminary results from the Women's Health Initiative linked it to a number of negative effects, including increased risk for breast cancer. Sales subsequently fell off worldwide.
Wyeth was one of 22 companies selected by the government in 1944 to manufacture penicillin for the military, and later for the general public.
In 1945, Wyeth acquired the Fort Dodge Serum Company, entering the animal health field.[citation needed]
In 1951, Wyeth launched Antabuse, a drug for the treatment of alcoholism, as well as the antihistamine Phenergan. Ansolyen was launched the next year as a high blood pressure medication. The anticonvulsant Mysoline was introduced in 1954. Other drugs introduced during this time include Isordil, a vasodilator for treatment of angina, Dryvax, a freeze-dried smallpox vaccine, and Ovral, a combined oral contraceptive pill. Pharmaceuticals were generating an ever-increasing percentage of Wyeth's sales.
Wyeth became a leading US vaccine producer after supplying polio vaccine for Salk trials. The corporate headquarters were moved to Radnor, Pennsylvania, where they remained until 2003. William F. Laporte became the Chairman and President of AHP in 1965, and served until 1981.[citation needed]
The World Health Organization initiated the Global Smallpox Eradication Program in 1967, and approached Wyeth to develop a better injection system for smallpox vaccines which could be used in the field. Wyeth waived patent royalties on its innovative bifurcated needle, aiding in the delivery of over 200 million smallpox vaccines per year.[citation needed]
Wyeth's oral contraceptives became popular in the US. John W. Culligan, after becoming Chairman and CEO in 1981, spun off less profitable lines and focused resources on consumer and prescription drugs. Wyeth made history in 1984 with the introduction of Advil, the first nonprescription ibuprofen in America, as well as the most famous prescription-to-OTC switch in history.
John R. Stafford became CEO and Chairman in 1986. He completed the divestiture of non-core businesses such as household products, foods, candy (Brach's Candy), and medical devices (e.g., its Sherwood-Medical Company was sold to Tyco-Kendal in 1997). Wyeth and Ayerst merged to form Wyeth-Ayerst Laboratories, thus strengthening and consolidating Wyeth's pharmaceutical operations.
In the late 1980s, Wyeth acquired the animal health businesses of Bristol-Myers and Parke-Davis. Wyeth also acquired A.H. Robins, makers of Robitussin, ChapStick, Dimetapp, and the Dalkon Shield merging it into its Whitehall unit to establish its Whitehall-Robins Division.
In 1990, Reckitt & Colman (now Reckitt Benckiser) acquires Boyle-Midway from American Home Products. After a dediction of the food business, the PAM trademark becomes part of American Home Foods.
Premarin becomes the #1 prescribed drug in the US in 1993. Effexor (venlafaxine HCl), the first serotonin-norepinephrine reuptake inhibitor (SNRI), is introduced for the treatment of clinical depression and is later indicated for generalized anxiety disorder and social anxiety disorder.
In 1993, Wyeth founded the Women's Health Research Institute, the only institute in the pharmaceutical industry entirely dedicated to research in women's health. The Institute conducts trials in menopausal issues, endometriosis, contraception, and more.
In 1994, Wyeth acquired American Cyanamid and its subsidiary Lederle Laboratories. This acquisition brought the Lederle Praxis vaccines, new research and development capacity, and Centrum, the leading US multivitamin. Wyeth's sales topped US$13 billion in 1995; two years later, Premarin became the company's first brand to reach US$1 billion in sales.
In 1995, Wyeth acquired the animal health division of Solvay, which was folded into Fort Dodge Animal Health. The acquisition gave Fort Dodge Animal Health strong market presence in Europe and Asia as well as expanding its product portfolio to include swine and poultry vaccines.
In 1996, American Home Products spun off its food unit as International Home Foods. International Home Foods was purchased by ConAgra Foods in 2000. Wyeth also purchases full ownership of Genetics Institute, Inc. after acquiring a majority interest in 1992.[1]
In 1997, the U.S. Food and Drug Administration (FDA) requested that Wyeth withdraw its controversial diet drug fenfluramine from the market by after several reports of deaths and other health problems associated with the drug combination known as fen-phen occurred.[2]
In 1998, American Home Products was left at the altar by British pharma powerhouse SmithKline Beecham, who pulled the plug on the estimated $70 billion merger. The deal was reportedly killed in response to British regulators who feared losing jobs to a proposed US headquarters location. (SmithKline Beecham merged with fellow Brit Glaxo Wellcome in 1999 to form the world's leading drug company.) This was the start of a three-year losing streak in the mergers and acquisitions game for AHP.
In 1999, another American Home Products merger fell through, this time a proposed $34 billion merger-of-equals with chemical and biotech manufacturer Monsanto Company. Though the companies issued a combined statement saying the breakup was mutual "because (the deal) was not in the best interests of shareholders," rumors circulated that AHP had canceled the deal due to issues in the soon-to-be-combined boardroom. (Monsanto announced in December 1999 that it would merge with Pharmacia & Upjohn instead; the new conglomerate eventually unloaded Monsanto again, before being bought themselves by Pfizer in 2003.)
On January 23, 2009, The Wall Street Journal reported that Pfizer was in talks to buy Wyeth at a cost of US$68 billion.[4] On January 25, Pfizer agreed to the purchase, a deal financed with cash, shares and loans.[5] The deal was completed on October 15, 2009.[6] The purchase was approved by the SEC and went into effect later in 2009, although vestiges of Wyeth remained for another year or two while effects of the merger were ironed out.
Wyeth Consumer Healthcare (formerly Whitehall-Robins Consumer Healthcare) operated throughout the world. The consumer healthcare division had sales of $2.5 billion in 2004 and was at the time the fifth largest over-the-counter health products company in the world.
Wyeth Pharmaceuticals, formerly Wyeth-Ayerst Laboratories, is the original company founded by the Wyeth brothers, originally known as John Wyeth and Brother. They focused on the research, development, and marketing of prescription drugs. The pharmaceuticals division was further subdivided into five subdivisions: Wyeth Research, Prescription Products, Biotech, Vaccines, and Nutritionals.[14][15]
Fort Dodge Animal Health was founded in 1912 by Daniel E. Baughman as "Fort Dodge Serum Company". The company was established in Fort Dodge, Iowa, to manufacture hog cholera serum. It became a division of American Home Products in 1945. It is a leading manufacturer of prescription and over-the-counter veterinary vaccines and pharmaceuticals. Its global headquarters are located in Overland Park, Kansas.[16][17]
Innovative Fort Dodge products include West Nile-Innovator, Duramune Adult, CYDECTIN Pour-on, the Pyramid vaccine line, Quest Gel, and EtoGesic Tablets.
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Prenatal
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A "whistleblower suit" was filed against Wyeth in 2005 alleging that the company illegally marketed their drug Rapamune. Wyeth is targeted in the suit for off-label marketing, targeting specific doctors and medical facilities to increased sales of Rapamune, trying to get current transplant patients to change from their current transplant drugs to Rapamune and for specifically targeting African-Americans. According to the whistleblowers, Wyeth also provided doctors and hospitals with kickbacks to prescribe the drug in the form of grants, donations and other money.[21][22] As of 2010 a US House of Representatives committee, led by Rep. Edolphus Towns was investigating Wyeth for these abuses.[23][24]
Wyeth was sued for its marketing of Prempro, a hormone replacement therapy, which was implicated in the cancers of 14,000 patients. Wyeth was particularly criticised by observers for its use of 'ghostwriters' to put their names to research papers that Wyeth had paid a third party, DesignWrite, to prepare.[25]
The drug combination fenfluramine/phentermine, usually called "fen-phen," was an anti-obesity treatment. Fenfluramine was marketed by Wyeth as Pondimin, but was shown to cause potentially fatal pulmonary hypertension and heart valve problems.
For more information refer to the article Fenfluramine/phentermine.
But Dr. Robert R. Ruffolo, president of research and development at Wyeth,...
"If on the first day we had discovered a new molecular target, it's still going to take 15 to 20 years to make the drug," said Robert R. Ruffolo Jr., who ran research and development at Wyeth until 2008.
