Each week, we report instances where the money junky hedge funds, private equity groups and the already big companies swallow another piece of the global economy. Here are some more examples of what the BIGS have been gobbling up and how the Bigs keep getting bigger and the rich keep getting richer…
AFTER RECORD REVENUES, PFIZER IS ON THE HUNT
Sale of Pfizer’s COVID vaccines will garner $32 billion this year, the company forecasts, and sales of its COVID-curing pill will add another $22 billion, bringing the pharma giant’s income for the year to about $100 billion, it said.
Last year’s sales were $76 million for the pill and $36.8 billion for the vaccine, the highest annual sales ever for any pharma product, according to The Wall Street Journal.
Pfizer plans to use its cash windfall to continue buying up companies developing drugs in Pfizer’s areas of focus, including immunology, cancer, and rare diseases.
Pfizer has bought a slate of competitors recently, including several making mRNA vaccines and its $6.7-billion purchase of Arena Pharmaceuticals in December, which we reported in “Pfizer Buys Arena Pharmaceutical for $6.7 Billion” (21 Dec 2021).
Arena makes drugs to treat inflammatory bowel conditions.
Pfizer expects to make new buys that will add $25 billion to its annual revenue by 2030, the WSJ reported.
APOLLO CLOSING DEAL TO BUY WORLDLINE’S POINT-OF-SALE BUSINESS
Apollo Global Management is finalizing negotiations to buy Worldline SA’s point-of-sale terminal business for about €2 billion, or roughly $2.3 billion, The Wall Street Journal reported.
The buyout specialist will take possession of a hardware and software network that enables consumers to pay for purchases with their smartphones or plastic cards, a trend that has grown dramatically during the COVID era.
The digital payments business has become especially lucrative for private equity firms.
In a recent transaction, takeover firm Hellman & Friedman sold Nets Group, a Scandinavian payments business, to Italy’s Nexi SpA for €6 billion; in 2018, Francisco Partners led a group that bought Verifone for $2.6 billion.
Worldline has been revamping its focus to concentrate on cloud-based payments that generate recurring revenue.
It acquired competitor Ingenico for €7.8 billion last fall, confirming its position as a leading European payments company.