Pfizer,Wyeth deal nears: Reports

On the funding of the deal,the 8216;Wall Street Journal8217; said that Pfizer has secured USD 22.5 billion loan from banks and plans to use stock and its cash reserves to fund the rest of the transaction.

8220;Pfizer is expected to offer Wyeth shareholders USD 50.19 per share,paying USD 33 a share in cash and USD 0.985 a share in Pfizer stock,8221; the Journal stated.

Quoting people familiar with the matter,the WSJ said: 8220;A group of five banks 8211; Goldman Sachs Group,Bank of America,JP Morgan Chase,Barclays Capital and Citigroup 8211; have each agreed to provide USD 4.5 billion in financing.8221;

Pfizer8217;s products include the anti-cholesterol drug Lipitor and the erectile stimulant Viagra.

The deal would make Pfizer,already the world8217;s biggest drug maker by revenue,even bigger with a product line that includes everything from Advil pain medication to Centrum vitamins and Lipitor,a cholesterol drug,it added.

8220;The deal would not only create a pharmaceutical behemoth but would be a rarity in the current financial tumult: a big acquisition that is not a desperate merger of two banks orchestrated by the government,8221; the NYT said.

The New York-based Pfizer employs 83,400 people,has slashed 15,000 jobs since January 2007 and is preparing to cut thousands more in the coming months. Wyeth,based in New Jersey,counts 46,000 employees.