Pfizer, Wyeth | featured news

Pharmaceutical giant Pfizer Inc. says revenue in the third quarter jumped 39 percent due to its acquisition of fellow drugmaker Wyeth, but hefty charges dragged its profit down 70 percent.

Drugmaker Pfizer will cut 6,000, or 18 percent, of jobs at its 78 manufacturing plants over the next five years as it consolidates operations after  last year's purchase of  Wyeth.

Pfizer Inc.'s $68 billion purchase of Wyeth will close Thursday after antitrust regulators in the U.S. and Canada cleared the deal, which will make Pfizer the world's largest drugmaker by revenue.

Pfizer also said it would cut more than 8000 jobs to cut costs in anticipation of cholesterol drug Lipitor losing patent protection in 2011.

Pfizer Inc. reportedly is close to an agreement to acquire rival drug maker Wyeth for between $65 billion and $70 billion in a cash-and-stock deal that could be announced as early as next week,