Pfizer-Icon team to generate ¤69m
THE ALLIANCE of Ireland-based pharmaceutical giant Pfizer with clinical research organisation Icon is expected to generate revenues in excess of $100m (€69m) a year.
Icon expects to boost its business by attracting more outsourced business as drugmakers cut their research and development spending, according to chief executive Peter Gray. Icon said on May 26 it will serve as one of two preferred providers of clinical trial implementation services for Pfizer. "It should mean a significant extra amount of business for the next couple of years," said Mr Gray.
Pfizer boss Ian Read said in February the company will cut the drugmaker's research budget to between $6.5bn (€4.48bn) and $7bn (€4.82bn) in 2012. And the company is also cutting back on a number of its bases including its research hub in Sandwich, England, where it developed Viagra.