Warner-Lambert, Glaxo Strike Deal

Warner-Lambert Co. accelerated its drive to become the world’s top over-the-counter drug seller Tuesday with an agreement to pay Glaxo Wellcome $1.05 billion for its interest in their non-prescription drug venture.

The companies also announced a new partnership to market future over-the-counter drugs. Agreements between the partners will create a new company, Warner-Lambert Consumer Healthcare, to sell the products as they are approved.

Those drugs include potential hot sellers like the ulcer drug Zantac and the herpes cream Zovirax. The U.S. Food and Drug Administration on Tuesday approved Zantac for sale in non-prescription form.