Pfizer Limited completed the sale of its animal business to its wholly owned subsidiary, Pfizer Animal Pharma Private Limited (PAPPL). The board of directors of the company has approved the sale of its animal health division by way of a slump sale to its wholly owned subsidiary PAPPL. Whereas, the shareholders of the company have by postal ballot approved the sale with requisite majority on Mach 26 this year.

The company informed that the aforesaid transaction of the sale of the company's animal health business to PAPPL has been closed and completed on April 2 for a consideration of amount of Rs.440,00,00,000 (Rupees four hundred and forty crore), subject to any adjustments as determined under the business transfer agreement dated February 20, 2012 between the Pfizer and PaPPL.

Consequent to the closing of the transaction the animal health business comprising of among other things marketing and trading in drugs, formulations, vaccines, animal feeds and other over the counter medications for animals, together with its rights, title and interest in the movable intangible and current assets and liabilities, stand transferred to PAPPL.