Pfizer is trying to raise its stake in Pfizer India through an offer of Rs. 6.8 billion, or almost $136.5 million. If successful, Pfizer will control 75%, up from the current 41.23% ownership.
Pfizer is offering to pay about Rs. 675, or roughly $13.54, per share. This represents an 8.6% premium to Pfizer Limited’s Rs. 621.55 closing price on April 9, the last trading day.
Such a transaction will extend Pfizer’s control of this subsidiary, which represents an emerging market. Pfizer has previously reported its interest in emerging markets like India, China, and Korea. The company has also expressed interest in generating a stronger hold in the generic pharmaceuticals market and is likely to use its India operations as a base.
Other News from Pfizer
Pfizer Logs Another Misstep in Late-Stage Development (Ap. 2, 2009)
MannKind to Buy Pfizer’s Frankfurt Insulin Production Plant for $33M (Mar. 9, 2009)
Pfizer Gains 39 Generic Therapies from Aurobindo (Mar. 3, 2009)
Pfizer Calls Off Late-Stage Evaluations with Anxiety and Fibromyalgia Drugs (Feb. 24, 2009)
Pfizer Halts Phase III Trial with Pancreatic Cancer Drug (Feb. 2, 2009)