In line with Pfizer Inc decision of restructuring animal health business, the board of Pfizer Ltd has approved to incorporate a new wholly owned subsidiary and transfer its animal health division by way of a slump sale for a total consideration of Rs.440 crore to new subsidiary, subject to adjustment for working capital.
During July 2011, Pfizer Inc., USA, the ultimate holding company of Pfizer Ltd, announced that it was reviewing strategic alternatives for its global animal health business. In connection with that strategic review, Pfizer is undertaking above internal re-organization steps that are intended to give holding company the broadest possible flexibility to pursue a range of possible transactions in the future. However, no decision as yet has been made by Pfizer Inc regarding which strategic alternative it will pursue. The sales of animal health business moved up to Rs.98.08 crore during the nine months period ended December 2011 from Rs.86.74 crore in the corresponding period of last year.