Pfizer makes bid for Warner

NEW YORK: Drug giant Pfizer Inc. on Thursday fired a sniper shot in the war for Warner-Lambert Co with an all-stock bid of about 82.4 billion, just hours after the drug company agreed to merge with rival American Home Products Corp for 72 billion in stock. Either deal would create the world8217;s largest drug company.

New York-based Pfizer, the No. 2 US drug company, said its proposed combination would create a company with revenues of 28 billion.

AmericanWarner, the proposed combination of Madison, NJ-based American Home and Morris Plains, NJ-based Warner-Lambert, would have 26 billion in annual sales.