Pfizer might be seeking to buy rival Wyeth in a deal that could be valued at more than $60 billion, the biggest in recent memory.
The Wall Street Journal reports the companies have been in talks for months, although the report states any deal is not near completion and the state of the global markets could undo any plans.
New York-based Pfizer Incorporated is the world's largest drugmaker by revenue. It has its research and development headquarters in Connecticut in New London and Groton.
Pfizer has been struggling with flat revenue, diminishing returns on research and looming generic competition to the world's top-selling drug, Lipitor. It recently announced plans to lay off 800 scientists this year, including hundreds in eastern Connecticut.
Acquiring New Jersey-based Wyeth would transform Pfizer almost overnight from basically a pure pharmaceutical company into a broadly diversified health care giant. Wyeth has a huge presence and revenue in biotech drugs, vaccines including the blockbuster pneumococcal vaccine Prevnar and consumer health products from Advil to Robitussin.
Representatives for both Wyeth and New York-based Pfizer declined to comment.
