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| Wyeth Q3 net up 19% at Rs 21 cr |
| Press Trust of India / Mumbai Jan 27, 2009, 13:01 IST |
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Pharmaceutical firm Wyeth today said its net profit in the December quarter grew 18.52 per cent at Rs 20.79 crore over the corresponding year-ago period.
The drug maker, whose US-based promoter Wyeth has been offered a $68 billion cash-and-stock buyout offer from rival Pfizer on Monday, had a net profit of Rs 17.54 crore in the December quarter of the previous fiscal.
Total income from operations rose to Rs 94.04 crore in the third quarter from Rs 84.36 crore a year ago, Wyeth said in a filing to the Bombay Stock Exchange.
While, for the nine-month period ended December 31, 2008, Wyeth posted a net profit of 81.17 crore, a 17 per cent growth over the corresponding period a year ago. It had a net profit of Rs 69.32 crore in the same period last year.
At the end of the December quarter, Wyeth USA had 35.32 per cent stake in the company, while Wyeth Holding Corporation US and Johan Wyeth & Brother, UK, hold 10.25 per cent and 5.55 per cent stakes, respectively, as per information available on the exchanges.
Collectively, the promoter group holds 57.15 per cent stake in Wyeth, which also includes six per cent holding of Atul.
In reportedly one of the biggest deals in pharma sector, Pfizer has entered into a definitive-agreement with Wyeth under which Pfizer will acquire Wyeth in a cash-and-stock transaction currently valued at $50.19 per share, or a total of approximately $68 billion.
After touching an intra-day high of nearly 11 per cent, Wyeth was trading at Rs 433.30, down 0.78 per cent in the afternoon trade on the BSE.
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