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Biotech / Medical : Pharma News Only (pfe,mrk,wla, sgp, ahp, bmy, lly) -- Ignore unavailable to you. Want to Upgrade?

To: Wally Mastroly who wrote (568)	7/22/1998 12:40:00 PM
From: Anthony Wong	Respond to of 1722

Pfizer to Sell American Medical Systems for $130 Million Bloomberg News July 22, 1998, 8:17 a.m. PT 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