Crunch Time In Pill Land
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.
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