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. Last Updated: 07/27/2016

U.S. Drug Firms Talk

NEW YORK -- Warner-Lambert Co. is in talks with consumer products giant Procter & Gamble Co. about a possible deal as the drug maker seeks a white knight to rescue it from hostile suitor Pfizer Inc., people familiar with the situation said.

Warner-Lambert declined comment Wednesday on Procter & Gamble. But it said it was still talking with Pfizer - the No. 2 U.S. drug firm about its proposed $79 billion all-stock takeover offer.

Warner-Lambert last week bowed to investors and agreed to talk to Pfizer after rejecting it in favor of a $59 billion deal with American Home Products Co.