You are here: Home » Companies » News
Business Standard

Pfizer, Wyeth set 7:10 swap ratio for merger of India units

Pfizer India to issue approximately 15.9 million new equity shares to Wyeth India shareholdes

BS Reporter  |  Mumbai 

The boards of Pfizer India and Wyeth India have approved a merger with a swap ratio of seven shares of the former for every 10 shares of the latter.

They have also announced an interim dividend of Rs 360 and Rs 145 a share, respectively.

Based on the proposed swap ratio, Pfizer India will issue 15.9 million new equity shares to Wyeth India’s shareholders.

Following the announcement of a meeting between the boards of the on Wednesday, shares of both had gone up. While Wyeth was locked in an upper circuit after the stock gained 20 per cent at Rs 776, Pfizer hit a 52-week high on the BSE exchange. On Friday, Wyeth's shares closed at Rs 814.15 on BSE, up 2.11 per cent, while Pfizer's closed at Rs 1,431.55, down 0.01 per cent.

In 2009, US-based Pfizer had bought Wyeth for $68 billion. Aijaz Tobaccowalla, managing director, Pfizer India and Wyeth India, said “I strongly believe that this merger will increase long-term value for all stakeholders. The combined entity would have an increased therapeutic presence and a de-risked business profile.”

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Sat, November 23 2013. 22:01 IST
RECOMMENDED FOR YOU
.