July 2, 1996 |
Warner-Lambert Co. said Monday that it has completed its purchase of Glaxo Wellcome's 50% stake in the U.S. and European units of the companies' nonprescription drug venture for $900 million. The sale of Glaxo's interests in the venture in Canada, Mexico, Australia and New Zealand is expected to be completed in the third quarter for an additional $150 million, bringing the total price Warner-Lambert will pay to $1.05 billion.
January 27, 1999 |
Seeking to beef up its pipeline of promising drug products, Warner-Lambert Co. said Tuesday that it has agreed to buy Agouron Pharmaceuticals of La Jolla for $2.1 billion. The deal is an indication that large drug companies are continuing to look to smaller biotech firms as a source of new products. Warner-Lambert officials said the acquisition is part of a growth strategy that has seen the company's annual drug sales soar to more than $7 billion from $2.5 billion in 1996.
December 6, 1998
1996 June: The National Institutes of Health launches a $150-million experiment, testing whether Rezulin or another drug can prevent adult-onset diabetes. July 31: Warner-Lambert Co. applies to the Food and Drug Administration for approval of Rezulin as a prescription drug. Oct. 9: A veteran FDA medical officer recommends rejecting Rezulin, citing potential danger to the liver and heart as well as doubts about the drug's effectiveness. Nov.
November 29, 1995 |
A former drug company executive was indicted Tuesday and the company agreed to pay $10 million in fines after admitting that it fraudulently withheld information from the Food and Drug Administration about persistent problems with a widely used anti-epilepsy drug. New Jersey-based Warner-Lambert Co. admitted in its guilty plea that it committed a felony by failing to report problems with Dilantin, the epilepsy medication, in the early 1990s.
January 27, 1990 |
A surprise player has entered the fray between environmentalists and manufacturers of so-called degradable plastics. Warner-Lambert Co., best known for its Listerine, Rolaids and other health-care and consumer products, has announced a new plastic resin made "almost entirely" from starch. Its Novon "bio-plastic starch," as it calls the discovery, differs fundamentally from "degradable" plastics already on the market, which are blends of traditional plastics and starch.
July 23, 1996 |
Microsoft Corp., the world's leading computer software maker, on Monday reported a 50% increase in profit for its fiscal fourth quarter, exceeding analysts' expectations. The Redmond, Wash.-based company posted a profit of $559 million, or 87 cents a share, for the three months ended in June, up from $368 million, or 58 cents, a year ago. Analysts on average had predicted quarterly earnings of 85 cents a share.
November 5, 1999 |
Just as executives of American Home Products and Warner-Lambert started celebrating their companies' pending merger, another pharmaceutical giant, Pfizer, put the deal into doubt Thursday by offering to acquire Warner-Lambert for a substantial premium. Pfizer announced a merger proposal that would give Warner-Lambert shareholders $82.4 billion, 13% more than the deal with American Home. Pfizer offered 2.5 shares of its stock for each share of Warner-Lambert, or $93.
December 16, 1998 |
The director of the National Institutes of Health said Tuesday that he has requested an internal review of the financial ties between the federal government's top diabetes researcher and a major pharmaceutical company. Dr. Harold E. Varmus, the NIH director, said he wants the institutes' office of inspector general to examine "whether any violation of law and/or regulations occurred."
March 23, 2000 |
The sudden withdrawal of Warner-Lambert's billion-dollar diabetes drug, for all its surprise, should have little long-term effect on the company or its pending merger with pharmaceutical giant Pfizer Inc., analysts predicted Wednesday. Indeed, the episode, while embodying the anxieties of corporate managers in an age of activist shareholders and sharp media scrutiny, could prove fleeting, at least in the view of financial experts.
December 25, 1999 |
With investors booing the proposed $23-billion merger between Monsanto Co. and Pharmacia & Upjohn Inc., and the $50-billion merger between Warner-Lambert Co. and American Home Products Corp., both deals appear in jeopardy of falling apart. And whatever the outcome, pharmaceutical industry executives may now be wary of merging with a same-size rival for fear of disappointing investors with a low price, as in Monsanto's case, or opening the door to an unwanted suitor, as in Warner-Lambert's case.