Fund Managers Hope Pfizer Deal Lifts Drug Stocks
Mutual-fund managers were rooting for Pfizer to prevail in the takeover battle; they got what they wanted and now say the new company will be a must-own stock.
Pfizer and American Home Products (AHP) launched competing bids for Warner-Lambert on the same day three months ago, beginning a long takeover battle. Stock pickers interviewed Monday said they had hoped Pfizer would win. "We're happy this is a done deal," said Peter Wen, comanager of Warburg Pincus Health Sciences (WPHSX), which has nearly 7% of its $46 million in assets invested in Warner-Lambert.
Dan Culloton does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.