Biotech Values

[DewDiligence]

Re: PFE M&A?

PFE just sold $6B of 3-30-year bonds:

http://finance.yahoo.com/news/pfizer-prices-6-000-000-235500744.html

• $1B of 1.7% notes due 2019
• $1B of 2.2% notes due 2021
• $1.75B of 3.0% notes due 2026
• $1B 4.0% notes due 2036
• $1.25B of 4.125% notes due 2046

Up to $3.25B of the proceeds from the new bonds will be used to retire (via a tender offer) PFE’s existing bonds due in 2019. That leaves at least $2.75B for “general corporate purposes,” which likely means M&A.