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| Domestic drug maker Wyeth becomes part of Pfizer |
| Press Trust of India / Mumbai Oct 16, 2009, 20:07 IST |
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Drug maker Wyeth today said it has become part of Pfizer Inc, following the merger of its parent company -- Wyeth -- with the global pharma major.
Mumbai-based Wyeth was part of American entity Wyeth. The latter has been merged with Wagner Acquisition Corp, a direct and wholly-owned subsidiary of Pfizer Inc, with effect from October 15.
As a result of the merger, Pfizer Inc is now the parent company of Wyeth and hence the ultimate parent of Wyeth, the India-based firm said in a statement to the Bombay Stock Exchange (BSE).
Pfizer Inc, in a separate statement, today said it has combined operations with Wyeth.
"Pfizer's newly strengthened company will have some of the best assets, people, pipeline and capabilities in the industry," Pfizer Chairman and CEO Jeffrey B Kindler said.
Post deal, Pfizer now has a significantly strengthened global footprint in the US, Europe, Asia and Latin America, and has an enhanced ability to help patients in key emerging markets such as China and the Middle East, the US-based drug major said.
Shares of Wyeth today closed at Rs 731.45, down 0.46 per cent on the BSE.
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