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Mumbai: Kewal Handa, managing director of Pfizer India, has been appointed as the MD of Wyeth India Ltd with effect from Monday. Handa replaces Ranga Iyer, who resigned as MD of Wyeth India.
The move is part of the integration process between both the companies in India, following Pfizer's acquisition of Wyeth in January this year.
Pfizer had announced the acquisition of Wyeth for $68 billion in order to diversify its product portfolio by including Wyeth's major biotech drugs and vaccines. Pfizer manufacturers much-sought after cholesterol drug Lipitor, while Wyeth produces antidepressant Effexor XR. Pfizer had bought Warner-Lambert for $93.4 billion in 2000 and Pharmacia for $60 billion.
An MBA in finance from Mumbai University, Iyer joined Wyeth in 1980 and became managing director in 2000. Before becoming MD, he held various positions of increasing responsibilities in finance and commercial functions.
A Pfizer Inc spokesperson said, “Kewal Handa has been appointed as the managing director of Wyeth Limited in India. Pfizer Limited and Wyeth Limited will continue as two separate entities in India and deliver the best value to patients.”
In India , Wyeth is active in products in the antibiotics segment, central nervous system, steroids, vitamins, vaccines and drugs for cardiovascular systems.
For the year ended March 31, 2008, Wyeth Ltd, the Indian arm of the MNC, had registered a sales of Rs 332 crore with a profit after tax of Rs 81 crore. Pfizer India, had a net profit of Rs 340 crore on an income of Rs 1019.76 crore for FY 07. Pfizer has launched five patented products in India since 2005 — Vfend, Viagra, Lyrica, Caduet and Macugen.
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