WSJ 2/8/2000: told you so,..... 1 1/2 years ago..,
TA
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ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Behind Pfizer's Takeover Battle:
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Rockier Business Than It Revealed
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ By ROBERT LANGRETHÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Staff Reporter of THE WALL STREET JOURNAL
Feb. 8, 2000
ÿÿÿÿÿÿÿÿÿÿÿÿÿ Why did Pfizer Inc. fight so hard?
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Behind the drug giant's three-month battle to take over
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Warner-Lambert Co. -- the biggest hostile takeover fight
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ in U.S. history -- was a powerful motive little-known
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ before its target finally capitulated Monday: Despite
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ outward appearances as an invincible drug-industry star,
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Pfizer was experiencing rockier business than it ever
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ revealed during the fight.
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ The antibiotic Trovan, the
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ object of lofty hopes inside
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Pfizer, was crippled by reports
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ that it killed some patients. An
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ experimental drug for diabetic
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ nerve damage was terminated.
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Development of
ÿÿÿÿÿÿÿÿÿÿÿÿÿ once-promising migraine and
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ schizophrenia drugs had been
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ delayed.
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ And U.S. sales growth of Viagra, the impotence drug that
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ created a global sensation in 1998, slowed to a crawl
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ because of a torrent of negative publicity that some users
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ of the drug had died of heart attacks.
ÿÿÿÿÿÿÿÿÿÿÿÿÿ By last fall, Pfizer Chairman William Steere was
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ seriously searching for way to fill gaps in his company's
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ pipeline. His greatest hope: the company's nearly 50%
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ share of Lipitor, the blockbuster cholesterol-lowering
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ drug it co-marketed with Warner-Lambert.
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ So when Warner announced in November it was
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ planning to merge with American Home Products Corp.,
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ the news was a huge blow to Pfizer. "It was our worst
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ fears confirmed," says Mr. Steere, who Monday
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ characterized the battle as "a cliffhanger."
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ In Monday's denouement, Pfizer said it
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ would pay $93.4 billion to acquire
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Warner-Lambert. Another signal of
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ just how badly it needed the deal: It's
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ paying a staggering $1.8 billion to
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ American Home, the biggest break-up
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ fee ever paid. The deal creates the
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ second-largest pharmaceutical
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ company in the world with $28 billion
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ in revenue and $4.7 billion in annual
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ research-and-development spending.
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ In late October, Pfizer picked up rumors that
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Warner-Lambert was in talks with another drug maker.
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Mr. Steere fired off a terse, four-paragraph letter to
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Warner-Lambert chairman Lodewijk de Vink saying
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Pfizer wanted to do a deal.
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ On Oct. 27, Mr. de Vink was ushered into Mr. Steere's
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 23rd-floor office at Pfizer's midtown Manhattan
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ headquarters. A high-stakes game of corporate poker
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ensued. Mr. de Vink didn't indicate how serious things
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ were with American Home. Pfizer confused the game by
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ saying it was exploring acquiring another company.
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ "We obviously had different objectives without telling
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ each other what those objectives are," Mr. de Vink
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ recalls. "He didn't tell me, 'If you are going to do
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ something, do it with us or else.' I didn't tell him we
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ were going to close on Nov. 7 or Nov. 8."
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Amid rising tensions, Pfizer's No. 2
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ executive, President Henry McKinnell
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ and Warner-Lambert's pharmaceutical
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ chief, Anthony Wild, met in New York
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ on Nov. 2 to discuss their Lipitor
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ agreement. The Pfizer executive
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ interrogated his counterpart about
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ whether Warner-Lambert was in talks
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ with another company.
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ According to Pfizer's version of
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ events, Mr. Wild said Warner-Lambert was months
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ away from doing anything, something Mr. Wild denies.
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Mr. de Vink now says he never coached Mr. Wild on
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ what to say in the meeting. "We did not tell him to lie,"
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Mr. de Vink says.
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ The next day, news of the Warner-Lambert/American
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Home talks broke in The Wall Street Journal. Mr. Steere
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ called Mr. McKinnell to his office for an emergency
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ huddle. Lipitor was a gusher of profits that Pfizer
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ couldn't afford to lose. With annual sales nearing $4
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ billion, Lipitor was among the most profitable drugs
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ever.
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Meanwhile, Pfizer's high hopes for Trovan had come
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ down to earth. Pfizer had spent tens of millions of
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ dollars testing Trovan on more than 10,000 test subjects.
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ When reports surfaced that the drug was causing
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ dangerous liver toxicities -- and even some deaths -- in
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ treated patients, company officials suddenly realized its
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ much-vaunted growth prospects had dimmed
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ significantly.
ÿÿÿÿÿÿÿÿÿÿÿÿ ÿ "Trovan was an enormous disappointment," Mr. Steere
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ says.
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ He adds that the proposed merger with Warner-Lambert
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ "had nothing to do with our pipeline. These were unique
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ opportunities that come along only once in a lifetime."
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ (Mr. Steere, who is 63 years old,
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ serves on the board of Dow Jones
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ & Co., which publishes The Wall
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Street Journal and the Interactive
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Journal.)
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ On Nov. 4, only hours after Warner-Lambert and
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ American Home announced their deal at the Plaza Hotel
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ in Manhattan, Pfizer launched its hostile bid.
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Pfizer's bid was higher than American Home's, but in the
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ next few days Pfizer's share price fell and it wasn't at all
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ obvious that it would prevail. And at Warner-Lambert,
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Mr. de Vink, 54, had a powerful motivation to fend off
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Pfizer.
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ If it won, Mr. McKinnell, 56, was the clear heir
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ apparent. But if Warner-Lambert merged with American
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Home, Mr. de Vink stood to run the company and fulfill
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ his ambition to head one of the world's largest drug
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ makers. American Home's chairman, John Stafford, 62,
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ had successfully battled prostate cancer and was nearing
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ retirement.
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Mr. de Vink dismisses the role his personal ambition
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ played in the talks with American Home, saying he finds
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ it "naive" for anyone to think he wouldn't do a deal if he
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ didn't get the top job.
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ In late December, American
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Home was hit with a
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ multimillion-dollar verdict
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ in one of a series of suits by
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ patients who used its
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ former diet-drug
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ combination fen-phen and
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ claimed they were injured.
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Wall Street, already skittish
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ about American Home's
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ outstanding liability,
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ assaulted the company's shares.
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Suddenly, Pfizer's bid was far superior to American
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Home's, and its lead continued growing daily.
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Shortly after Christmas, Messrs. de Vink and Stafford
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ had a momentous conversation: The time had come to
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ aggressively find a third-party acquirer to fend off Pfizer
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ once and for all. Investment bankers were summoned and
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ the quest began.
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ With powerful shareholders lobbying him, Mr. de Vink
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ felt compelled to open discussions with Mr. Steere in
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ mid-January.
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ "I had tremendous pressure from the obvious
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ discrepancy between the two offers. I had to start
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ talking," Mr. de Vink says.
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ But even as these talks began, Warner-Lambert and
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ American Home had begun secret negotiations with the
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ most unlikely of suitors: consumer products giant Procter
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ & Gamble Co. It had a small, undistinguished
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ pharmaceutical business and was eager to expand it.
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Mr. de Vink and P&G's chairman Durk I. Jager had a
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ connection -- both are Dutch-born chief executive
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ officers of big U.S. companies. They also knew each
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ other from the board of the United Negro College Fund.
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ The two men and Mr. Steere met several times at a
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ conference center on American Home Products'
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ corporate campus in Madison, N.J. When they didn't
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ want their aides and advisers to understand what they
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ were talking about, they spoke in Dutch.
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Meanwhile, the talks between Mr. Steere and Mr. de
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Vink weren't going well. Beyond tension over a price,
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ they quibbled over whether the "Warner" name could be
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ salvaged (Pfizer refused) and whether only a minimal
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ number of Warner-Lambert jobs would be cut. Pfizer
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ still hasn't specified how many jobs will disappear,
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ though the figure is expected to be in the thousands.
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Then Pfizer learned from its investment bankers that
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ P&G was in the picture.
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Mr. Steere and his team sought details about what was
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ going on but held off upping their own bid, calculating
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ that Procter & Gamble might not follow through with a
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ real bid.
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ "It was a nerve-racking weekend," Mr. Steere says of the
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ crucial period of Jan. 22-23.
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Mr. de Vink's last-ditch hope to fend off Pfizer
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ evaporated rapidly when investors skeptical of Procter
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ & Gamble's ambitions punished the stock price and Mr.
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Jager walked away.
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ That sealed Warner-Lambert's fate. Talks with Pfizer
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ moved ahead. American Home's demand for extra
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ compensation above and beyond the $1.8 billion breakup
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ fee it was guaranteed went nowhere.
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ And Monday, a new drug giant was created. Its name:
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Pfizer Inc.
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Message 5969772
To: Uncle Frank who wrote (5872)
ÿÿÿÿ From: Tunica Albuginea
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Friday, Oct 9, 1998ÿ 11:13 AM ET
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Reply #5881ÿ of 8365
ÿÿÿÿ Allright Frank, you asked for it and here it is:ÿ
ÿÿÿÿ First off if Viagra is only 8% of PFE's sales it is certainly 50% of it's inflated PE of, where are we now, 40?
ÿÿÿÿ 2nd, next year healthcare costs are going to get a big jump up.Don't look at cutting costs by not sending patients to specialists like in the past 10
ÿÿÿÿ years.Americans have spoken, they want the best they want to be able to see specialists.So the big squeeze will be on drugs.
ÿÿÿÿ 3rd.Trovan IV has already been placed in the " endangered list ",gg, by my medical center: i.e. a drug that can only be ordered by an Infectious
ÿÿÿÿ Disease specialist because of it's cost.And we all know, or at least the docs know that Inf. Dis specialists don't like to use expensive antibiotics
ÿÿÿÿ and use those with the narrowest spectrum when possible, ( don't use a missile bomb to kill a sparrow ).
ÿÿÿÿ -4th, resistance to Trovan is already here.First reports of Staph Aureus resistance are out.
ÿÿÿÿ -5th Lipitor is a good drug but it is made by Warner Lambert. I don't know what the profit sharing agreement is but I don't think it all goes to PFE.
ÿÿÿÿ -6th, If something cheaper than Lipitor can be used, and there are many of those, the HMOs will grab it.
ÿÿÿÿ I think that of those drugs on the horizonthese days, from non-steroidals on down, we already have N U M E R O U S D R U G S available that
ÿÿÿÿ can do the job. A new drug, these days,ÿ
ÿÿÿÿ MUST be EXCEPTIONALLY better, as well as relatively cheap, to cut the HMO/managed care mustard, and I don't see any in the horizon. I do
ÿÿÿÿ see a lot of hype, that is all. What we really need is not available yet in the horizon. For example, an antibiotic that will kill Methicillin resistant
ÿÿÿÿ staphyloccocus Aureus; Vancomycin resistant staph Aureus; Vancomycin resistant Enterococcus and so on and so forth.
ÿÿÿÿ Also consider the political arena of a rapidly disappearing in the horizon of a Democratic Prez and Party with Newt and the boys taking over the
ÿÿÿÿ reins of unbriddled Medicare spending and you will see thatÿ
ÿÿÿÿ $$$$$$ are not going to be entering the healthcare market in the forseeable future as rapidly as they did in the last 15 years.
ÿÿÿ I say you are better off investing in technology, financials for example,
ÿÿÿÿ TA
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Message 5963685
To: Tunica Albuginea who wrote (5862)
ÿÿÿÿ From: Uncle Frank
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Thursday, Oct 8, 1998ÿ 9:01 PM ET
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Reply # 5872 of 8365
ÿÿÿÿ Tunica, I've reviewed your earlier post, but it is flawed since it only addresses Viagra, which is but one component of Pfizer's offering. Coming to
ÿÿÿÿ conclusions about the value of PFE stock based solely on an analysis of 8% of their revenue base is irresponsible speculation. Vivus has one
ÿÿÿÿ product, and so VVUS will rise and fall on the sales of Muse, but this is certainly not the case with PFE.
ÿÿÿÿ Humor is fine; I enjoyed your razor blade post and the chance to respond in kind, but investing is serious business. Please do your homework
ÿÿÿÿ before you try to set yourself up as a market pundit.
ÿÿÿÿ Regards, Frank
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