Pfizer is likely to sell its animal health division by way of a slump sale to its wholly owned subsidiary (being incorporated) in consideration of approximately Rs. 440,00,00,000, subject to adjustment for working capital, to be paid by the wholly owned subsidiary either in cash and/or by issue of shares at par or premium.
The company has received formal approval from board of directors for the sale of healthcare business at its meeting held on February 6, 2012. This development is part of a global internal re-organization taken up by its parent, Pfizer Inc in July 2011, under which the firm was reviewing strategic alternatives for its global animal health business.
