Pfizer pulls out of plan to move biotech workers to San Francisco facility

Pfizer ends plan San Francisco biotech facility

NEW YORK — Pfizer Inc. is pulling a plan to staff a biotechnology research center in San Francisco and will keep its 100 area employees in South San Francisco.

The New York-based company had planned on moving about 100 researchers to a leased space in San Francisco, but is pulling out of the decision after considering its real estate portfolio, operating costs and potential disruptions. Also, the $68 billion buyout of rival Wyeth played a role in the decision, said spokeswoman Joan Campion.

Pfizer has more than 81,000 employees worldwide.

In January, the company said it would buy Wyeth for $68 billion, adding that company’s biotech research and development capabilities. Madison, N.J.-based Wyeth has said more than one-third of the company’s revenue comes from vaccines and biotechnology products.

Shares of Pfizer rose 13 cents to $14.70 while shares of Wyeth rose 2 cents to $45.32 in afternoon trading.