Crunch Time In Pill Land

Behind all the frantic drug mergers

In the normally genteel world of pharmaceuticals, the din of battle among Pfizer, American Home Products, and Warner-Lambert is growing louder. Warner-Lambert execs had barely received word of Pfizer's hostile bid before Pfizer lawyers were in court charging Warner-Lambert directors with breaching their fiduciary responsibility by accepting an ironclad bid from AHP. Warner-Lambert, which prefers to hook up with AHP, is looking for ways to retaliate, including the possible termination of the two company's co-marketing agreement on the $3.6 billion cholesterol-lowering drug Lipitor.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.