PFE really popped
something may have come out
here is an article
but I dont think this is it
because the timing was earlier
o: +Hunter Vann (4534 )
From: +Anthony Wong
Wednesday, Jul 22 1998 12:39PM ET
Reply # of 4535
Pfizer to Sell American Medical Systems for $130 Million
Bloomberg News
July 22, 1998, 11:17 a.m. ET
Pfizer to Sell American Medical Systems for $130 Million
New York, July 22 (Bloomberg) -- Pfizer Inc., the second-
largest U.S. drugmaker, agreed to sell its American Medical
Systems unit for $130 million to E.M. Warburg, Pincus & Co. LLC
as part of its plan to divest all of its medical technology
businesses.
American Medical Systems, based in Minnetonka, Minnesota,
manufactures and sells devices for treating urological problems,
such as urinary incontinence and erectile dysfunction. The unit
had sales of about $90 million last year.
New York-based Pfizer in February said it might sell or spin
off its medical technology group as it focuses on its more
profitable drug business. Chief Financial Officer David Shedlarz
said Pfizer's continuing to explore options for Howmedica, its
remaining medical technology unit.
''Our decision to divest American Medical Systems gives this
business and its employees new opportunities for growth,'' said
Chairman and Chief Executive William Steere Jr., in a statement.
The transaction with closely held New York-based Warburg
Pincus, an investment bank with holdings in several medical
device companies, is expected to close later this year, Pfizer
said.
Pfizer fell 1 3/4 to 112 3/8 in late morning trading.
--Deborah Stern in the Princeton newsroom (609) 279-4034/rmk
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