Securities And Exchange Commission
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report: December 10, 1997
Date of earliest event reported: December 9, 1997
Pfizer Inc.
(Exact name of registrant as specified in its charter)
Delaware 1-3619 13-5315170
(State or Other (Commission File (I.R.S. Employer
Jurisdiction of Number) Identification No.)
Incorporation)
235 East 42nd Street
New York, New York 10017
(Address of Principal Executive (Zip Code)
Offices)
Registrant's telephone number, including area code:
(212) 573-2323
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Item 5. Other Events
On December 9, 1997, Pfizer Inc. agreed to sell the
Valleylab operations, a part of Pfizer Medical Technology
Group, to United States Surgical Corporation for $425 million.
Pfizer's press release is included as Exhibit 99 and is
incorporated by reference.
Item 7. Exhibits.
Exhibit 99. Press Release of Pfizer Inc. dated December
9, 1997.
SIGNATURE
Under the requirements of the Securities Exchange Act of
1934, the registrant has caused this report to be signed on
its behalf by the authorized undersigned.
PFIZER INC.
Dated: December 10, 1997
Name: Terence J. Gallagher
Title: Vice President-
Corporate Governance
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
99 Press Release announcing the
sale of Valleylab to United States
Surgical Corporation,
dated December 9, 1997
For immediate release Contact:
December 9, 1997 Bob Fauteux -- 212-573-3079
PFIZER AGREES TO SELL VALLEYLAB TO UNITED STATES SURGICAL CORP.
NEW YORK, Dec. 9 -- Pfizer Inc has agreed to sell Valleylab -- a
part of the Pfizer Medical Technology Group -- to United States
Surgical Corporation (USSC) for $425 million, the companies
announced today. Based in Boulder, Colorado, Valleylab manufactures
a line of electrosurgical and ultrasonic systems and disposables,
and had 1996 sales of approximately $190 million.
"With its strengths in developing and marketing innovative surgical
technologies, we believe Valleylab complements USSC's recognized
capabilities in meeting hospitals' operating-room requirements,"
said William C. Steere, Jr., chairman and chief executive officer of
Pfizer Inc. "Also, it is our understanding that USSC intends to
continue Valleylab's sizable and sophisticated manufacturing
operation at Boulder, as well as probably adding the development and
manufacture of new technologies."
"For Valleylab employees and their customers, the opportunity to
develop as part of USSC's growing global business makes sound
strategic sense," said David L. Shedlarz, senior vice president and
chief financial officer of Pfizer Inc. "Because Valleylab's fit with
USSC helps maximize its value, we believe this transaction best
serves the interests of our shareholders, Valleylab employees and
Pfizer."
The transaction is subject to the usual regulatory approvals and is
expected to close in the first quarter of 1998, Pfizer said.
Pfizer Inc is a research-based health care company with global
operations. The company reported sales of approximately $11.3
billion for 1996, and expects to spend more than $1.9 billion on
research and development this year.
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