Pfizer to Cut R&D Sites, Jobs

NEW YORK (TheStreet) -- Pfizer(PFE Quote) plans to close six research and development sites and trim jobs in the United States and the United Kingdom, as part of its consolidation following its $67.3 billion acquisition of Wyeth.

Pfizer said the closures would reduce its global R&D square footage by 35%. The world's biggest drugmaker will now conduct R&D at five main sites and nine specialized units around the world. Pfizer operated 20 sites following the purchase of Wyeth.

The company said the moves would increase productivity and reduce costs and would result in staff reductions. Pfizer didn't disclose how many jobs would be eliminated.

"Pfizer is analyzing the combined portfolio and prioritizing projects that will address unmet medical need and bring Pfizer's scientific and competitive advantage to the benefit of patients," said Martin Mackay, president of Pfizer's PharmaTherapeutics Research & Development, in a statement.