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PFIZER REACHES AGREEMENT FOR SETTLING SHILEY C/C HEART VALVE CLAIMS; AGREEMENT IS SUBJECT TO APPROVAL BY COURT

 PFIZER REACHES AGREEMENT FOR SETTLING SHILEY C/C HEART VALVE CLAIMS;
 AGREEMENT IS SUBJECT TO APPROVAL BY COURT
 NEW YORK, Jan. 24 /PRNewswire/ -- Pfizer Inc (NYSE: PFE) announced today it has entered into an agreement that, if approved by the U.S. District Court, would resolve claims by establishing a worldwide settlement class of people with Bjork-Shiley Convexo-Concave (C/C) heart valves. The proposed settlement class consists of the approximately 55,000 people worldwide with functioning C/C valves, and their spouses.
 Under terms of the agreement, people with C/C valves who do not elect to be excluded from the settlement class would be entitled to receive a payment that is intended to be used for consultation with a cardiologist or other health care provider. They would also receive the benefits of a medical research and care program, and an offer of guaranteed, prompt compensation in the unlikely event of a valve fracture.
 The Bjork-Shiley C/C valve is an artificial heart valve that replaces diseased valves. It was sold between 1979 and 1986 by Shiley Incorporated, a Pfizer subsidiary. While some valves have experienced strut fracture, more than 99 percent have functioned without such fracture.
 The settlement agreement arises from a complaint filed in U.S. District Court in Cincinnati seeking recovery for alleged anxiety that the plaintiffs' functioning C/C valves may fracture at some time in the future. The agreement was filed jointly by attorneys representing Pfizer and the plaintiffs. The court has set June 5, 1992, for a hearing to commence on the proposed settlement.
 The agreement has three main provisions:
 -- A fund of $80 million to $130 million to provide class members with a payment that is intended to be used to obtain consultation with a cardiologist or other health care provider.
 -- A fund of $75 million for C/C valve-related research, including the development of techniques seeking to identify valve recipients who may have significant risk of fracture, and for medical expenses they may incur for certain procedures related to their valves. The program will be supervised by a panel of scientific and medical experts with input from a Heart Valve Research Center established by Pfizer.
 -- A guaranteed compensation program, which would be offered to claimants in the unlikely event of valve fracture. The compensation program is based upon factors such as recipient income, marital status and number of dependents.
 "We have a deep and abiding commitment to people with C/C heart valves," said William C. Steere Jr., president and chief executive officer of Pfizer Inc. "This settlement enables us to provide these individuals with important benefits including funding for medical consultation, comprehensive research efforts, and the commitment to the payment of a prompt and fair settlement in the unlikely event of a valve fracture. As they continue their productive lives, recipients can be assured of receiving the benefits in the agreement in a timely manner, without the uncertainty always inherent in ongoing litigation."
 Steere continued, "While we continue to believe that functioning valve claims are without merit, putting this complex, costly and time consuming litigation behind us will eliminate the disruptions and uncertainties involved in complex litigation."
 If the settlement is finalized in 1992, Pfizer anticipates that the cost of the proposed settlement on a pre-tax basis will be between $155 million and $205 million. Pfizer believes that these costs should be substantially offset by the gain on the sale of certain Shiley assets that was announced on Dec. 20, 1991, as well as the receipt of certain insurance reimbursements. The company believes that the costs connected with the settlement agreement should not result in any material impact on 1992 earnings.
 The settlement class is represented by Stanley Chesley, Esq., of Cincinnati. People with C/C valves who want more information about the settlement should write to:
 Stanley Chesley, Esq.
 Waite, Schneider, Bayless & Chesley Co., L.P.A.
 1513 Central Trust Tower
 Cincinnati, OH 45202
 Pfizer Inc is a diversified, research-based health care company with businesses in pharmaceuticals, hospital products, consumer products, animal health, and specialty chemicals and minerals.
 -0- 1/24/92
 /CONTACT: A. A. Biesada, 212-573-2055; Rick Honey, 212-573-2051; or Robert Fauteux, 714-250-8446, all of Pfizer/
 (PFE) CO: Pfizer Inc ST: New York, Ohio IN: MTC SU:


GK -- NY012 -- 3128 01/24/92 08:43 EST
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Date:Jan 24, 1992
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