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Pfizer/W-L hearing

This article was originally published in The Tan Sheet

Executive Summary

Preliminary injunction hearing date set for Jan. 24 regarding Pfizer's request to enjoin the Warner-Lambert/American Home Products proposed merger, which is set to occur May 15. In a separate complaint filed Nov. 23, Pfizer alleges W-L breached a "standstill agreement" that would compel it to accept the superior merger offer. Pfizer says the lawsuit has no effect on its ongoing Lipitor marketing agreement with W-L. In response to the complaints, Warner-Lambert asserts Pfizer is misstating the terms of the standstill agreement, which only is terminated if W-L is acquired by a third party, while the deal with AHP is a merger of equals. W-L continues to study the Lipitor agreement to decide further action

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