STOCKS NEWS EUROPE-Pharmas gain on report of Pfizer-Wyeth talks

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09:01GMT 23Jan2009-Drug stocks gain on report of Pfizer-Wyeth talks

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Shares in drug stocks around Europe gain after the Wall Street Journal reports on its Web site that Pfizer (PFE.N), the world's largest drugmaker by revenue, is in talks to acquire rival Wyeth WYE.N.

Wyeth shares listed in Frankfurt WYE.F gain 15.5 percent while Pfizer slides 2.3 percent in Frankfurt (PFE.F).

"It's prompting speculation about other deals in sector, Shire is up, and that's a perennial bid target," one trader says.

Shire (SHP.L) gains 1 percent while Astrazeneca is up 3.2 percent and GlaxoSmithKline (GSK.L) is up 1.4 percent after agreeing to buy Belgian pharmaceutical group UCB's (UCB.BR) operations and commercial rights in a number of emerging markets.

For more on Pfizer/Wyeth click on [ID:nBNG384507]