Pfizer India to merge with Wyeth

MUMBAI: Pfizer India on Saturday said the company will merge its Indian subsidiary Wyeth Ltd with itself in a move to create an uniformed brand presence in India. The board of directors has announced an interim dividend of Rs360 a share and Rs145 a share respectively for Pfizer and Wyeth shareholders.

Post the dividend payout, the swap ratio for the merger will be that the shareholders will receive seven shares of Pfizer India at a face value of Rs10 for every 10 shares held by Wyeth.

“We expect that it will take close to nine months for the transaction to get all the regulatory approvals,” said Aijaz Tobaccowalla, managing director, Pfizer and Wyeth India. “The combined entity will have an increased therapeutic presence and a de-risked business profile,” he added.