MUMBAI Nov 23 Pfizer Ltd, the Indian
unit of U.S. drug maker Pfizer Inc, is to take over
local affiliate Wyeth Ltd, they said on Saturday after
their boards approved the deal.
Shareholders of Wyeth will get seven Pfizer Ltd shares for
every 10 shares held, requiring the issue of approximately 15.9
million new Wyeth shares, it said.
Wyeth Ltd has a market capitalisation of about $294 million
and is already owned 51.12 percent by Pfizer Inc, which in turn
owns 63.57 percent of Pfizer Ltd, which has a market
capitalisation of $681 million.
Pfizer and Wyeth also announced on Saturday they would pay
interim dividends of 360 rupees and 145 rupees per share
Apart from the Indian business Pfizer Inc bought rival Wyeth
in 2009, leaving their Indian units with separate stock market
Bank of America Merrill Lynch and Citigroup
were advisors to Pfizer and Wyeth respectively, the statement