Warner-Lambert Company Takes Steps in Response to Pfizer Inc's Actions

Warner-Lambert Company, a global pharmaceutical and consumer health care company, has announced significant steps in response to actions taken by Pfizer Inc related to their pending business combination. The company is reviewing Pfizer's actions to determine the best interests of Warner-Lambert's shareholders and considering termination of their Lipitor agreements. Warner-Lambert is also seeking to make public confidential information regarding the arrangements between Pfizer and Warner-Lambert regarding Lipitor. This move aims to benefit both Warner-Lambert and Pfizer shareholders.

Key Takeaways:

• Warner-Lambert is reviewing Pfizer's actions to determine the best interests of Warner-Lambert's shareholders.
• The company is considering termination of its Lipitor agreements with Pfizer as part of this review.
• Warner-Lambert has requested Pfizer's concurrence to the immediate public release of the Lipitor Collaboration, International Collaboration, International Co-Promotion, International License and Option Agreements.
• Warner-Lambert employs over 43,000 people worldwide and expects revenues exceeding $12 billion in 1999.
• The company will invest more than $1.2 billion in research and development in 1999.
• Warner-Lambert's press releases can be found on their website at www.warner-lambert.com or through Business Wire at www.businesswire.com.
• The company has not waived its right to disclose confidential information if Pfizer refuses to concur with the public release.

Statistics:

• Warner-Lambert expects revenues exceeding $12 billion in 1999.
• The company will invest more than $1.2 billion in research and development in 1999.
• Warner-Lambert employs over 43,000 people worldwide.

Sources:

• Warner-Lambert Company Press Release, November 15, 1999, Business Wire.