Pfizer Inc has completed the sale, announced December 17, 2002, of its Adams confectionary business for $4.2 billion in cash to Cadbury Schweppes plc. "Our Adams colleagues contributed significantly to Warner-Lambert and Pfizer over the past 40 years, and we are grateful to them," said Hank McKinnell, Pfizer chairman and chief executive officer. "We wish them continued success as they now join Cadbury Schweppes."
For the Adams sale, Merrill Lynch and Lazard assisted Pfizer as investment bankers; Cadwalader, Wickersham & Taft provided legal counsel.