Pfizer’s Shanghai Operation Not Included in Company's R&D Cutback

Pfizer announced it would close six out of its 20 R&D facilities around the globe as part of its post-Wyeth-acquisition consolidation. Some employees will be transferred to other facilities, while others will be let go. Pfizer did not disclose how many of its R&D staff would be fired, though it said R&D square footage would be reduced by 35%. The company’s Shanghai R&D operation was not affected by the reorganization. More details... Stock Symbol: (NYSE: PFE)