Volume 87 Issue 16 | p. 20 | Concentrates
Issue Date: April 20, 2009

Pfizer Will Raise Presence In India

Department: Business

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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