Drug merger expected to be worth $70B

Article Abstract:

Warner-Lambert Co's merger with American Home Products Corp is projected to be worth over $70 billion, so far the biggest transaction to occur in a rapidly merging drug industry. The new company, to be named American Warner, will be ranked as the No. 2 pharmaceutical company in the world with annual revenue of nearly $24 million. The deal requires the approval of both companies' board of directors as well as approval by shareholders and regulatory agencies.

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Warner-Lambert uses Lipitor in Pfizer fight

Article Abstract:

Warner-Lambert of Morris Plains, NJ, is trying to fend off Pfizer's hostile takeover bid by threatening to pull out of an agreement to jointly market Warner-Lambert's blockbuster cholesterol drug Lipitor. Pfizer derives about 40% of its annual profit from Lipitor, which was launched in 1997 and generates annual sales of $4 billion. By issuing the threat, observers say Warner-Lambert wants to exert more downward pressure on Pfizer's stock, which it is using for its hostile bid.

Asset sales & divestitures

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