Pfizer to Lay Off 800 Researchers: Report

Pfizer announced Tuesday it would lay off up to 800 researchers, according to a report from 'The Wall Street Journal.'
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Updated from 11:50 a.m. EST

Pfizer

(PFE) - Get Report

announced Tuesday it would lay off up to 800 researchers, according to a report from

The Wall Street Journal

.

Pfizer expects to have laid off 5% to 8% of its 10,000-person research staff by year's end, the report said. Pfizer employs about 83,000 people overall.

Pfizer was

upgraded

at Goldman Sachs on Monday based on an assertion that that reorganization at Pfizer is "inevitable" as the company faces impending generic competition for its blockbuster cholesterol drug Lipitor.

Also in recent news, Pfizer CEO Jeff Kindler said the drug giant was open to

acquisitions

large and small, prompting speculation over potential targets, including

Amgen

(AMGN) - Get Report

,

Gilead Sciences

(GILD) - Get Report

,

Bristol-Myers Squibb

(BMY) - Get Report

and

Wyeth

(WYE)

(WYE Quote - Cramer on WYE - Stock Picks), among others.

Tuesday's announcement follows a slew of other research cuts at firms including

Abbott Labs

(ABT) - Get Report

,

Merck

(MRK) - Get Report

amd

GlaxoSmithKline

(GSK) - Get Report

.

Pfizer shares were up about 1% to $17.54 in midday trading Tuesday.

This article was written by a staff member of TheStreet.com.