Pfizer sells Thane plant for Rs 178 crore

Pfizer has sold its manufacturing plant at Thane near Mumbai to Vidhi Research and Development for Rs 178 crore, the drug maker announced today.

The decision to close the plant was taken following an assessment of its long term viability and its ability to meet production targets. There was virtually no production at the plant since 2013 and the closure will not impact supply of medicines, Pfizer had said earlier this year. The Thane plant was commissioned in the 1960s.

On Wednesday, Pfizer announced that it had entered into a business transfer agreement for the transfer of company's business at Thane plant. Upon the conclusion of the transaction, about 80 employees at the plant will be transferred to the acquirer, the company said.

About 100-odd employees from the plant opted for voluntary retirement last year.

Pfizer India has a manufacturing plant in Goa which it took over following acquisition of Wyeth and it relies on third party production facilitates for manufacture of drugs in India.

Parent company Pfizer Inc has secured manufacturing units in Vizag, Chennai, Aurangabad and Ahmedabad following its acquisition of drug maker Hospira.