Pfizer in News

Publication : Business Line
Provider : Kasturi & Sons Ltd.
July 15, 2004

Pfizer, Pharmacia boards clear merger - Our Bureau

Mumbai , July 14 THE boards of Pfizer Ltd and Pharmacia Healthcare Ltd (PHL) have approved the scheme of amalgamation of the two companies and fixed an exchange ratio of five shares of PHL to one Pfizer share.

The face value of PHL and Pfizer's equity share is Rs 5 and Rs 10 each, respectively, the companies informed the Bombay Stock Exchange on Wednesday. The scheme of amalgamation is, however, subject to approval from shareholders and the Bombay High Court, the company said.

The parent company, Pfizer Inc, holds 75 per cent equity in Pharmacia Healthcare and 40 per cent in Pfizer Ltd. Globally, the Pharmacia merger happened when the acquisition took place in 2003 and this development brought two companies into the Pfizer fold - PHL and Pharmacia India Pvt Ltd, now a 100 per cent subsidiary of Pfizer. The operational integration of PHL with Pfizer Ltd was done in 2003.