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

To: Anthony Wong who wrote (6121)	10/22/1998 6:58:00 PM
From: Anthony Wong	Read Replies (1) \| Respond to of 9523

Stryker Trims Payment for Pfizer's Orthopedic Unit by 13% Bloomberg News October 22, 1998, 5:36 p.m. ET Stryker Trims Payment for Pfizer's Orthopedic Unit by 13% Kalamazoo, Michigan, Oct. 22 (Bloomberg) -- Stryker Corp. said it trimmed its purchase price for Pfizer Inc.'s Howmedica orthopedics business by about $250 million, or 13 percent, to $1.65 billion in cash. Stryker said it reduced the price from the $1.9 billion announced in August because of ''changes in the financial markets.'' It added that all other terms and conditions of the transaction are substantially the same. After the purchase, Stryker will become one of the biggest makers of devices to repair injured joints and bones with about 15 percent of the global market. The transaction is expected to close during the fourth quarter. The acquisition will almost double Stryker's size as doctors and hospitals are forcing consolidation in the fragmented orthopedics industry. The purchase will boost Stryker's line of artificial hips and knees and position the company for future growth. It also will increase the company's debt. Goldman Sachs Credit Partners LP and Bank of America have agreed to finance the transaction, Stryker said. Pfizer, the second-largest U.S. drugmaker, is selling medical-technology businesses to focus on its more profitable pharmaceuticals, including the impotence pill Viagra. The change in the terms of the transaction was announced after the close of trading. Stryker fell 9/16 to 37 9/16. Pfizer rose 2 3/4 to 100 3/4. --Christopher Elser in the Princeton newsroom (609) 279-4107/rec More News: PFE