Pfizer (NYSE:PFE) Closing England Facility, 2,400 Jobs at Stake

Pfizer (NYSE:PFE) announced it is closing its facility in Sandwich, England, which employs about 2,400 people.

The pharmaceutical company said they'll shutter the site over a 18 to 24 month period.

With a number of patents running out at Pfizer, as well as other pharmaceutical companies, they are being forced to make cuts to prepare for the loss in revenue.

The Sandwich site is a research and development, and is a big disappointment to the British, who see it as a major setback for their scientific employment base.

The particular site has been responsible for important drug discoveries for Pfizer like Celsentri, Viagra, and Norvasc.

Pfizer said, of the approximate 2,400 workers, several hundred could possibly be transferred to other facilities.

Pfizer was trading at $19.22, gaining $1.00, or 5.49 percent, as of 12:45 PM EST.

Pfizer (NYSE:PFE) Settles with Ranbaxy, Affiliates over Lipitor

Pfizer (NYSE:PFE) announced Wednesday it has reached an agreement with India-based Ranbaxy Laboratories Ltd. and a number of their affiliates over litigation associated with patents connected to Lipitor.

The deal will effectively settle all the litigation connected to the dispute.

Ranbaxy said they will no longer contest Lipitor patents of Pfizer in various countries, including the U.S.

Also under terms of the agreement, litigation over patents for Accupril in the United States and Viagra in Ecuador were resolved.

Starting on November 30, 2011, Ranbaxy will be licensed to sell generic versions of Lipitor and Caduet in the United States.

Pfizer closed Wednesday at $16.72, down $0.05, or 0.30 percent.