They closed the doors to the biotech operation...now has re-invested in Esperion...I remember the days of the purchase of Warner Lambert as I was doing business with the company at the time....BD
How weird have things gotten in the drug industry? Ask Roger Newton, who led the development of Pfizer's Lipitor, the world's biggest drug. Then, 10 years ago, he left to found a biotech and sold it to Pfizer for more than a billion dollars. And now he's spinning the same biotech back out as a start-up backed with $22.75 million in venture capital to support its work to develop new heart disease drugs that work by boosting the good cholesterol, HDL. Pfizer bought Warner-Lambert in 2000 for $116 billion to get full control of Lipitor.
"That was the heyday of biotech," says Newton. "You could go out and do an IPO without anything in the clinic. I know because we did it." One thing is for sure, though. When Roger Newton meets up with any of his buddies at drug industry cocktail parties, he better not complain--about absolutely anything. Right now, he's the luckiest guy in the pharmaceutical world.
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