FTC OKs Pfizer’s Purchase of Warner-Lambert

The Federal Trade Commission approved Pfizer Inc.’s $120-billion acquisition of Warner-Lambert Co. to create the world’s No. 1 drug maker after the companies agreed to divest drugs prescribed for depression and Alzheimer’s disease. They also will sell one of two competing over-the-counter lice medications. Pfizer, which makes the Viagra impotence pill, and Warner-Lambert also agreed to divest the fruits of both companies’ research on a cancer drug. Pfizer expects to close the transaction within days. Warner-Lambert shareholders will receive 2.75 shares of Pfizer for each share held. Pfizer closed off $1.19 at $46.75, while Warner-Lambert closed off $1.19 at $129.75, both on the NYSE.