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Business

Pfizer Will Raise Presence In India

by Alexander H. Tullo
April 20, 2009 | A version of this story appeared in Volume 87, Issue 16

Pfizer will raise its stake in an Indian subsidiary, Pfizer Ltd., to 75% by buying an additional 33.8% stake in the company from the public for about $136 million. Pfizer Ltd., which had sales of about $135 million last year, makes prescription drugs as well as pet and poultry medicines. It also performs research and clinical trials. The deal follows other emerging-market moves by major drug companies. Novartis announced in March that it will spend about $87 million to acquire up to 39% more of its Indian subsidiary. More recently, Sanofi-Aventis agreed to buy the Brazilian generic drugs firm Medley for $665 million and the Mexican generics firm Laboratorios Kendrick for an undisclosed sum.—RM

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