Pfizers Indian Turnover May Touch Rs 750 Crore

The acquisition by Pfizer Inc of the US of Pharmacia Corporation in a $60 billion stock deal will help Pfizer in India touch an annual turnover of around Rs 750 crore.

As there will be a change in management, Pfizer will have to make an open offer for Pharmacia Healthcare (formerly Abbott Laboratories India), though Pfizer executives said the company was yet to examine the issue. The other Pharmacia entity here is an unlisted company called Pharmacia India.

As Pharmacia intends to continue with its previously announced plan to spin off its 84 per cent stake in the US-based agricultural products maker Monsanto prior to the Pfizer-Pharmacia deal, Pfizer may not have to make an open offer for Monsanto in India. Analysts said if this deal did not materialise, Pfizer would also have to make an open offer for Monsanto India.

The combined entity, if the global acquisition clears all regulatory hurdles, will become the fourth largest pharmaceuticals major here, replacing Zydus Cadila in terms of marketshare. The merged Pfizer-Parke Davis entity is at the fifth position currently. GlaxoSmithKline, Ranbaxy and Cipla are the top three players in the industry.

The Pfizer-Pharmacia combine has several top-selling drugs, including Pfizer's Viagra and Lipitor, the popular cholesterol-lowering drug, along with Pharmacia's top-selling arthritis drugs, Celebrex and Bextra.