PHARMACEUTICALS

Warner-Lambert to Buy Stake in Drug Venture: Warner-Lambert Co. said it will buy Glaxo Wellcome’s interest in their over-the-counter drug venture for $1.05 billion. The deal, expected to close in the first half of 1996, would create Warner-Lambert Consumer Healthcare, which would sell Glaxo Wellcome and Warner-Lambert products approved for nonprescription sales around the world. Under the letter of intent signed by the companies, Morris Plains, N.J.-based Warner-Lambert essentially renegotiated previous joint venture agreements with the London-based companies Glaxo and Wellcome, which merged earlier this year, according to a Warner-Lambert spokesman. In New York Stock Exchange trading, Warner-Lambert fell 25 cents to close at $92.50; Glaxo Wellcome, whose shares trade as American depositary receipts, closed at $27.38, up 37.5 cents.