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WARNER-LAMBERT, WELLCOME AND GLAXO ANNOUNCE STRATEGIC ALLIANCES

 MORRIS PLAINS, N.J., July 28 /PRNewswire/ -- Warner-Lambert Company today announced that it has signed letters of intent to enter into strategic alliances with Wellcome p.l.c. and Glaxo Holdings p.l.c., directed toward the global development and marketing of a broad array of consumer health care products. Potential prescription (Rx) to over-the- counter (OTC) switch candidates such as Wellcome's anti-viral Zovirax and Glaxo's anti-ulcer Zantac are included in these joint ventures. (Detailed announcements, relating to these transactions, are attached.)
 Melvin R. Goodes, chairman and chief executive officer of Warner- Lambert, said, "These transactions represent pivotal steps in reshaping our company. Two years ago, we set out a three-part growth formula, with strategic alliances as a key component. Our actions today not only provide new growth opportunities, but also permit us to address the realities of a rapidly changing health care market."
 "The OTC rights to products such as Zantac and Zovirax provide access to two of the most promising Rx-to-OTC candidates on the market today. The combination of their therapeutic utility, along with our OTC development and marketing strengths, will drive our consumer health business well into the next century," said Goodes.
 The letter of intent with Wellcome calls for both companies to place current and future OTC products into a joint venture which will be named Warner-Wellcome Consumer Health Products.
 Warner-Lambert, Wellcome and Glaxo Announce Strategic Alliances
 Wellcome's products, including Actifed, Sudafed and Neosporin, will be combined with Warner-Lambert's consumer health line, including OTC brands Listerine, Benadryl, Benylin, Sinutab, Efferdent, Anusol, Tucks, e.p.t and Replens. The Warner-Wellcome joint venture will create one of the strongest OTC businesses in the world. On a worldwide basis, the new venture would have generated pro-forma OTC sales of approximately $1.6 billion in 1992.
 The letter of intent with Glaxo provides an opportunity to combine Glaxo's rich pipeline of Rx-to-OTC switch candidates with the development and marketing skills of Warner-Lambert. Glaxo's scientific capability is exemplified by its anti-ulcer drug Zantac, the world's leading prescription drug product, with 1992 sales in excess of $3.2 billion. The joint venture will have rights to the Zantac trademark in the United States, and other markets in the future.
 Glaxo has agreed that Warner-Lambert's participation in the joint venture will be through the proposed Warner-Wellcome Consumer Health Products venture.
 Both joint ventures are subject to the completion of final agreements which should be signed later this year, as well as any necessary regulatory approvals.
 Warner-Lambert is a worldwide company devoted to discovering, developing, manufacturing and marketing quality health care and consumer products. It employs approximately 35,000 people.
 -0- 7/28/93
 /CONTACT: Peter Wolf, 201-540-6696, Lisa Wilder, 201-540-2415 or Sandy Horner 201-540-4268 (media); and Stephen Mock, 201-540-6916 or Cary Rosansky, 201-540-4874 (investors), all of Warner-Lambert.
 (WLA WEL)


CO: Warner-Lambert; Wellcome p.l.c.;Glaxo ST: New Jersey IN: MTC SU: JVN

LG -- NY011 -- 6583 07/28/93 08:15 EDT
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Publication:PR Newswire
Date:Jul 28, 1993
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