Word: squibb
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Last week the man in a hurry announced the biggest deal of his career. Subject to approval by stockholders of both companies, said Nichols, Mathieson Will buy up E. R. Squibb & Sons, $100 million-a-year maker of household drugs, whose brown-labeled bottles and boxes have been standard equipment in medicine cabinets all over the U.S. for nearly a century. If the stock swap (five Squibb shares for three Mathieson shares) is approved by stockholders as expected, the resulting company will be a $300 million giant, sixth biggest chemical company...
...Team. At first glance, the merger is a strange one. For years, Mathieson's chief business has been in basic chemicals, Squibb's in consumer products. But following the lead of American Cyanamid, which is now cashing in on antibiotics, Nichols thinks the Squibb merger makes sense and fits neatly into his aggressive expansion policies...
With the limited lab facilities of a city hospital, the doctors at Sea View were trying to evaluate the medical progress of their patients when Squibb & Sons gave their Nydrazid to doctors at New York Hospital. There, though patients with advanced TB were scarce, the lab facilities were enormous. Dr. Walsh McDermott began elaborate biochemical tests on Nydrazid and soon made an important discovery: although it is swallowed as a pill (smaller than an aspirin tablet), the substance soon appears in the spinal fluid in "beautiful concentration." This meant that it might be extremely useful for tuberculous meningitis. Other tests...
...Year's Eve Dr. Elmer Sev-ringhaus of Hoffmann-La Roche dropped in to see Dr. McDermott of New York Hospital and tell him about Rimifon. It was soon clear that Rimifon was chemically the same as Nydrazid, and a week later Squibb and Hoffmann-La Roche got together to plan further testing of the drug and arrange a request to the Food & Drug Administration to have it released for general use by physicians. That release cannot be given until May or June; by then, both companies will be ready to market the drug in wholesale lots...
...Like many another drug producer, Pfizer has been completely transformed by antibiotics. The 102-year-old company, founded by German immigrants, was a small but successful chemical producer specializing in making citric acid by fermentation. When, in 1941, the Government asked Pfizer, Merck & Co., and E. R. Squibb to try to mass-produce penicillin, Pfizer was right at home; penicillin could be made only by fermentation. But the process was slow because the mold, which needs air to exist, was being grown only on the surface of a chemical broth at the recovery rate of one unit...