Warner-Lambert eyes stake in Warner Wellcome

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Warner-Lambert Co., Morris Plains, N.J., signed a letter of intent Tuesday to acquire Glaxo Wellcome's interest in the Warner Wellcome joint venture for $1.05 billion. Sudafed, Actifed, Neosporin and Polysporin brands will shift from the venture to the new Warner-Lambert Consumer Healthcare division. The deal will also restructure the venture's prescription-to-over-the-counter switches to include Wellcome's products, such as Zantac 75, which is awaiting Food & Drug Administration OTC approval. Closure is expected in the first half of next year.

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