Public-Deal Makers Take Page From Private Equity Book

Law360, New York (October 15, 2009, 7:30 PM EDT) -- In January, Pfizer Inc. agreed to buy drugmaker Wyeth Inc. Just a few months later, in March, rival pharmaceutical firms Merck & Co. and Schering-Plough Co. announced their own.

The deals are remarkable for several reasons, not least of which is that they got done in an environment bordering on arctic.

What also set those two deals apart is that they included terms — a financing condition in the Pfizer deal and reverse breakup fees in both — usually relegated to the private equity sphere. While...
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