White Knight For Wellcome?

Most analysts figured Glaxo Holdings PLC's $14.6 billion hostile takeover bid for drugmaker Wellcome PLC wouldn't be topped, but some are rethinking. Wellcome's 1994 earnings jumped 19%, to $1.1 billion, making it one of the industry's most attractive companies, with a 31.5% profit margin. But Glaxo's half-year results, released a week later, were less than sparkling, with a 10% earnings jump on a 2% sales rise. Now London analysts say Wellcome's figures may attract a white knight, with speculation focused on Pfizer, Roche, Bristol-Myers Squibb, Eli Lilly, and Johnson & Johnson.

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