Pfizer's $30 billion bonanza

As mentioned in a previous post, Pfizer has (so far) announced its intention to bring back $30 billion of its profits parked abroad under the one-time tax amnesty.

How will this money be deployed ? I think a good portion of this will go towards buying some of its partners.

The one that seems like a good bet right now is Eyetech (EYET). While the stock looks relatively cheap, the massive insider selling over the last few months does not generate much confidence. I will wait for some insider buying to show up before deciding to buy.

I don't own any Eyetech stock currently, but I do own a few of QLT Inc (QLTI), a competitor. QLT stock is still a buy its current price, and the company itself is a buyout target, most likely by Novartis.