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

To: The Ox who wrote (8390)	4/27/2000 12:13:00 PM
From: Neil H	Read Replies (1) \| Respond to of 9523

Thursday April 27, 12:07 pm Eastern Time Pfizer shareholders approve Warner-Lambert purchase NEW YORK, April 27 (Reuters) - Shareholders of Pfizer Inc. (NYSE:PFE - news) on Friday overwhelmingly approved the $93 billion acquisition of rival drug maker Warner-Lambert Co. (NYSE:WLA - news), moving one step closer to creating the largest U.S. drug company and the world's second biggest. The deal was backed by holders of 98.7 percent of the shares of New York-based Pfizer, which waged a bitter three-month battle to acquire rival Warner-Lambert. The vote took place at a shareholder meeting in New York. ``I voted for the merger with great enthusiasm. Warner-Lambert has got Lipitor. It will be nice to have that as part of Pfizer,'' said shareholder Malcolm Crawford, who owns 500 Pfizer shares and 100 Warner-Lambert shares. Lipitor is Warner-Lambert's blockbuster cholesterol drug which it co-promotes with Pfizer. Warner-Lambert has predicted the drug will have sales of $5 billion this year, all of which will come under a single corporate roof when the two companies officially merge. The Pfizer/Warner-Lambert deal was valued at about $93 billion when first announced Feb. 7. It replaced a planned merger between Warner-Lambert and another U.S. drug maker, American Home Products Corp. (NYSE:AHP - news), in a deal valued at $58 billion. Under terms of the deal, Warner-Lambert shareholders will receive 2.75 Pfizer shares for each share of Warner-Lambert stock they own. Shareholders of Morris Plains, N.J.-based Warner-Lambert will vote on the deal May 12. The acquisition is expected to close by the end of May.