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Pfizer Finally Acquires Warner-Lambert in $90 B Deal, Forms No. 2 Pharma

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EW YORK--After a three-month chase, Pfizer will acquire Warner-Lambert by putting up about $90 billion of its stock to create what will be the second largest drug company in the world behind the planned merger of SmithKline Beecham and Glaxo Wellcome. Pfizer managed to force out the original suitor, American Home Products, which still managed to take home a $1.8 billion breakup fee. The combined R&D operations of the company, headed by Pfizer vice-chairman John Niblack, will have a worldwide scientific staff of over 12,000 and $4.7 billion in annual R&D expenditures in 2000, the largest in the industry, said the companies. Pfizer chairman and chief executive William Steere said the combined company’s R&D investments will "redefine" spending in the industry, according to a Dow Jones Newswire report. "This level of spending is extraordinary, but it’s the sort of spending that has to be done these days, especially with the decoding of genomes," he said.

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