Wyeth rallies on board nod for merger with Pfizer

The stock has rallied 14% to Rs 926 on the National Stock Exchange.

Wyeth has rallied 14% to Rs 926 after the board of directors of the pharmaceutical company approved the merger of the company with Pfizer.

The equity shareholders of Wyeth will get 7 fully paid up equity shares of Rs 10 each of Pfizer for every 10 fully paid up equity shares of Rs 10 each of Wyeth.

Meanwhile, the board at their meeting held on November 23, 2013, has also approved the payment of interim dividend of Rs 145 per equity share of Rs 10 each (1450%) to the shareholders of the company. The said interim dividend will be paid on December 17, 2013, Wyeth said in a regulatory filing.

The stock opened at Rs 930 and touched a high of Rs 977 on the NSE. A combined around 200,000 shares have changed hands on the counter in early morning deals on NSE and BSE.