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Biotech / Medical : PFE (Pfizer) How high will it go? -- Ignore unavailable to you. Want to Upgrade?

To: Mozingo who wrote (8150)	7/20/1999 1:58:00 PM
From: C.K. Houston	Read Replies (1) \| Respond to of 9523

Whole market's down. Besides normal profit-taking after split, maybe this has something to do with PFE drop ... Pfizer to pay $20 mln in antitrust settlement NEW YORK, July 19 (Reuters) - Pfizer Inc. PFE.N said Monday it agreed to plead guilty to federal antitrust charges in a settlement of of price fixing charges related to its former food unit and will pay a fine of $20 million. The No. 2 U.S. drug maker, which in 1996 sold its Food Sciences Group -- a division that made and sold food additives -- said it does not believe the settlement will have a material impact on its operations. Under the agreement, Pfizer will plead guilty in Federal District Court in San Francisco to one count of price fixing of sodium erythorbate, a food additive, and one count of market allocation of maltols, flavor enhancers. Pfizer said that the U.S. Department of Justice has stated that no further antitrust charges will be brought against Pfizer related to the food unit and that there are no other pending antitrust investigations against the drug maker. The Justice Department has also said that it will not bring any charges against any current executive or employee of Pfizer for any antitrust offenses involving the manufacture or sale of any products sold or produced by the food unit, according to Pfizer. Pfizer said it was not aware of the investigation until the Justice Department brought it to the company's attention last year, and it has been cooperating fully. Pfizer said the food products that are the subject of the plea agreement involved a small component of Pfizer's business. The combined annual sales of the two products accounted for less than one percent of annual Pfizer sales. In 1998, Pfizer had revenues of more than $13.5 billion. REUTERS Rtr 08:25 07-19-99 Copyright 1999, Reuters News Service