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PFIZER ANNOUNCES CONTRACT TO SELL PRODUCT LINES OF SHILEY

 PFIZER ANNOUNCES CONTRACT TO SELL PRODUCT LINES OF SHILEY
 NEW YORK, Dec. 20 /PRNewswire/ -- Pfizer Inc (NYSE: PFE) announced


today the signing of a contract to sell product lines of Shiley Incorporated, a diversified manufacturer of medical devices located in Irvine, Calif., to SNIA BPD S.p.A. (FIAT Group), a company headquartered in Milan, Italy. The transaction is expected to close by the end of February 1992. Terms were not disclosed.
 The Shiley product lines being sold include a broad line of cardiovascular devices used in open heart surgery, blood handling devices, the Monostrut artificial heart valve and a line of tracheostomy tubes, which have become the industry standard.
 Edward C. Bessey, president and chief executive officer of Pfizer Hospital Products Group, said: "We are pleased to have been able to sell these product lines to a large technologically oriented company with the resources in place to enable it to maintain these medically important product lines."
 Bessey added that Pfizer will continue to support the Shiley Heart Valve Research Center, which is engaged in continued technical research and patient-oriented activities related to the Bjork-Shiley Convexo/Concave valves. These activities include the establishment of a patient registry program involving patients with implanted C/C valves. Ongoing litigation will continue to be the responsibility of Shiley Incorporated, which remains in place as a Pfizer subsidiary.
 The sale of the Shiley product lines represents the completion of Pfizer's previously announced three-phase restructuring of its Hospital Products Group. The first two phases, completed earlier this year, were the sale of Pfizer Laser Systems, a manufacturer of carbon dioxide lasers, and the sale of Deknatel, a major supplier of sutures and chest drainage systems.
 Bessey said that, as a result of this restructuring, the Hospital Products Group is positioned for strong growth by retaining four major market leaders and three smaller businesses with unusual growth potential.
 The market leaders are:
 -- Howmedica, the world leader in artificial joints and trauma products.
 -- Valleylab, the world leader in electrosurgical and ultrasonic surgery systems.
 -- Schneider, a worldwide leader in angioplasty devices.
 -- American Medical Systems, the leading manufacturer of implantable devices to treat impotence and incontinence.
 The smaller businesses are:
 -- Infusaid, an innovator in programmable, implantable infusion pumps to deliver controlled quantities of medication.
 -- Biomedical Sensors, a British-based company involved in new technology for continuous blood-gas sensing.
 -- Strato Medical Corp., a leader in the field of vascular access products.
 Bessey stated: "We do not anticipate a significant impact on the financial statements of Pfizer when the transaction is recorded in 1992."
 Bessey also noted that the parties agreed that virtually all of the Shiley employees worldwide will be transferred to the new organization and SNIA plans to continue manufacturing operations in their current locations.
 SNIA BPD S.p.A. (FIAT Group), an Italian public company with $2 billion in revenues, operates in four industrial sectors: specialty chemicals, polymers and films, textile fibers, and biomedical products, whose operations are conducted by its subsidiary, Sorin, a European leader in this field.
 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. The company reported sales of more than $6.4 billion for 1990.
 -0- 12/20/91
 /CONTACT: A. A. Biesada, 212-573-2055, or Rick Honey, 212-573-2051, both of Pfizer/
 (PFE) CO: Pfizer Inc; Shiley Incorporated; SNIA BPD S.p.A. (FIAT Group) ST: New York, California IN: MTC SU: TNM


GK -- NY055 -- 4435 12/20/91 14:38 EST
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Date:Dec 20, 1991
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