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Pfizer Most Likely Suitor for Warner-Lambert

 

Pfizer (PFE Quote) appears to be in the best position to take over rival pharmaceutical company Warner-Lambert (WLA Quote) now that Procter & Gamble (PG Quote) has terminated discussions with both Warner-Lambert and American Home Products (AHP Quote) about acquiring them.

"Pfizer remains the most likely company to buy Warner-Lambert," said Leonard Yaffe, an analyst at Banc of America Securities. He cited Pfizer's current multiple of 34 times 2000 earnings, while other drug companies typically trade at multiples below 30. (Warner-Lambert, though, is currently trading at 38 times earnings.) He also cited Pfizer and Warner-Lambert's co-marketing agreement for the blockbuster cholesterol drug Lipitor as a difficult barrier for other companies to surmount.

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