Wyeth locked at 20% upper circuit on plan to merge with Pfizer

MUMBAI: Shares of pharmaceutical major Wyeth were locked on 20 per cent upper circuit after the company announced its plan to merge with Pfizer.

The board of directors of the company will meet on November 23, 2013, to consider a scheme of amalgamation of the company with Pfizer.

While, globally Pfizer are Wyeth are single entities, they operate as separate entities in India. The merged entity might benefit on cost front, R&D and other synergies.

At 10:00 a.m.; the stock was at Rs 776.80, up Rs 129.45 or 20 per cent, on the BSE. It touched a high of Rs 776.80 and a low of Rs 699.70 in trade today.