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UPDATE 1-Pfizer offers to boost stake in Indian arm

Sun Apr 12, 2009 11:01pm EDT

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NEW YORK, April 12 (Reuters) - U.S. drug maker Pfizer Inc (PFE.N) offered on Sunday to pay about $136 million to boost its stake in its Indian arm Pfizer Ltd (PFIZ.BO) to 75 percent.

Pfizer -- which announced plans to buy rival Wyeth WYE.N for $68 billion earlier this year -- said it will launch a tender offer to buy a 33.77 percent stake in the Indian business at a price of 675 rupees per share.

The offer represents a premium of more than 8 percent to the April 9 closing price for Pfizer Ltd.

Pfizer already owns 41.23 percent of the Indian company. It expects the offer, which is subject to regulatory approvals, to open in June. (Reporting by Michael Erman; Editing by Muralikumar Anantharaman)



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