Abstract
The pharmaceutical industry's spate of mergers continues as Glaxo Wellcome and SmithKline Beecham agreed to a megamerger, and Warner-Lambert conceded that Pfizer's hostile bid may be better for shareholders than its proposed merger with American Home Products (AHP). Glaxo Chairman Sykes and SmithKline Chief Executive Officer Jan Leschly appeared willing to let bygones be bygones as they announced a $76 billion stock deal that would create the world's largest pharmaceutical company. Two years earlier, the men had tried and failed to pull off a merger, largely because of a power struggle over who would run the company. Richard has done a hell of a job to make sure this happened, Leschly says. I am delighted we're together to realize the vision we've talked about for years. Glaxo SmithKline—as the combined companies will be called—will have annual sales of more than $25 billion, a market capitalization of $189 billion, and a dominant 7.3% share ...
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