Issue Date: June 25, 2007
Six months after announcing a reorganization and downsizing of its global research and development efforts, Pfizer is providing more specific information on operations in the U.S., Asia, and Europe.
The company plans to spend $300 million on research and development in South Korea over the next five years. CEO Jeffrey B. Kindler and Byun Jae-Jin, South Korea's acting minister of health and welfare, signed a memorandum of understanding in Seoul in support of the commitment, which the South Korean government says is the largest investment made in the country by a drug company.
The investment will support cooperation between Pfizer and the South Korean Ministry of Health & Welfare in the discovery and development of drugs through late-stage clinical trials. Pfizer, which has had operations in the country since 1969, is currently conducting late-stage clinical trials in South Korea. The company also says it will open "an office for strategic alliance" in the country.
Earlier this year, Pfizer announced it is negotiating the closure of research facilities in Nagoya, Japan.
Meanwhile, the drug company is moving 65 jobs from Sandwich, England, to Kalamazoo, Mich., where it is consolidating global R&D for its Pfizer Animal Health division.
Pfizer is also moving 300 jobs from an animal health research unit in Richland Township, Mich., to Kalamazoo. Pfizer will continue to operate its research farm in Richland, where it recently invested $50 million in upgrading laboratories and other facilities.
At the completion of the animal health R&D consolidation, Pfizer says, the division will have 550 employees in Kalamazoo.
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