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Pfizer concludes sale of animal health business to PAPPL

03 Apr 2012 Evaluate

Pfizer has concluded the sale of animal health business to its wholly owned subsidiary - Pfizer Animal Pharma (PAPPL) for a consideration amount of Rs 440.00 crore, subject to any adjustments as determined under the business transfer agreement dated February 20, 2012 between the company and PAPPL.

Consequent to the closing of the transaction the animal health business comprising of, among other things, marketing and trading in drugs, formulations, vaccines, animal feeds and over-the-counter medications for animals, together with its rights, title and interest in the movable intangible and current assets but excluding its interest in land, buildings and property leases, along with its employees, assets and liabilities, stand transferred to PAPPL.

Earlier on February 06, 2012, the board of directors of Pfizer had approved the sale of its animal health division by way of a slump sale to PAPPL. Further, the shareholders of the company have by postal ballot approved the sale with requisite majority on March 26, 2012.

Pfizer, a subsidiary of Pfizer Inc, is engaged in manufacturing of products like Protinex, Isonex, Becosules and Corex.

Pfizer Share Price

4828.35 17.30 (0.36%)
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