AHP to sweeten bid?
This article was originally published in The Tan Sheet
Executive Summary
American Home Products will offer "additional value" to its bid for Warner-Lambert if W-L is able to secure the marketing rights to the blockbuster Rx cholesterol-reducer Lipitor, AHP says in a Nov. 30 letter to Warner-Lambert. W-L, which shares marketing rights to Lipitor with Pfizer, filed a counterclaim in Delaware chancery court Nov. 29 to end the partnership as a result of "massive and intentional breaches by Pfizer." In response, Pfizer says it has not violated any agreements and contends Warner-Lambert "has engaged in a series of desperate defensive measures." A court date on Pfizer's request to enjoin the proposed W-L/AHP merger is set for Jan. 24 (1"The Tan Sheet" Nov. 29, In Brief). W-L sent a letter to its shareholders Dec. 2 explaining the recent events and supporting a union with AHP