"Merck expects to achieve substantial cost savings of approximately $3.5 billion annually beyond 2011" in its $41 billion purchase of Schering-Plough, Merck says in this release. "These cost savings are expected to come from all areas across the combined company and from the full integration of the Merck/Schering-Plough Pharmaceuticals cholesterol joint venture. These cost savings are in addition to the previously announced ongoing cost reduction initiatives at both companies."
Bad news for North Jersey (like the Pfizer-Wyeth deal). Merck is based in Whitehouse Station, a little west of Newark; Schering-Plough in Kenilworth, about 25 miles further west on I-78. $3.5B is about one-third of Schering-Plough's yearly operating expenses (not counting, for example, the cost of drug materials) or 30% of Merck.
Meanwhile, Gov. Corzine and a majority of the New Jersey Senate want to legalize "medical" marijuana sales, sparking a pharmaceutical boom around the time mainstream pharma is in high consolidation. Just in time to replace pharma-merger job losses? Last year the New Yorker visited California's medical-marijuana clinics and marijuana farms, and described a heavily armed, paranoid industry where some doctors get rich writing pot prescriptions for anyone and sad, low-paid ex-hippies do the grunt work.
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