Pfizer Inc finally acquired the Warner-Lambert Co on February 7 in a deal worth $90bn after a three-month battle with American Home Products. AHP will receive a $1.8bn break up fee for pulling out of its previously agreed merger with Warner-Lambert (PJ, November 13, 1999, p779).
The new company, to be known as Pfizer Inc, will be worth $230bn (£143bn) and have annual sales of $28bn, including seven products with sales of over $1bn. It will have a research and development budget of $4.7bn. The company will be the world's second largest pharmaceutical company, in terms of market share, after Glaxo Smithkline.