Pfizer To Finish Pharmacia Merger Plan In 9-10 Months

Mumbai, Aug 29: | Updated: Aug 30 2003, 05:30am hrs
Pfizer is planning to complete the merger of Pharmacia and Pharmacia Healthcare with itself in the next 9-10 months, subsequent to the completion of the legal merger with Parke-Davis India Ltd.

The company has already completed its operational integration with the two companies, under which 267 people have joined Pfizer. Of this, 237 people are from the field force. A Pfizer spokesperson, however, declined to give the figure on the total manpower strength of the two companies and the voluntary retirement scheme offered to them.

On the product restructuring, the spokesperson said, As a result of the Pharmacia operational integration, we now have an additional team which looks after the specialty business, such as oncology and ophthalmology. This is in addition to our existing pharma and consumer health care teams.

The product restructuring has not resulted in the discontinuation of any product of any of the companies, since the products were overlapping, the spokesperson added.

Analysts tracking the sector were unable to comment on the swap ratio in absence of the financial figures from Pfizer, which has not announced its results for the last two quarters. The results have not been announced due to the delay in its merger with Parke-Davis India Ltd which is embroiled in litigations.

The erstwhile Pharmacia had two vehicles in India a 100 per cent subsidiary called Pharmacia and a 75 per cent subsidiary, Pharmacia Healthcare (formerly Abbott).

Pfizer is currently the fifth largest pharma company in India on standalone basis with sales of Rs 607 crore ($111 million), much behind GSK ($263 million), Cipla ($180m), Ranbaxy ($177 million), and Zydus Cadila ($151 million). With the integration of Parke-Davis India Ltd and the two companies of Pharmacia in India, Pfizer would well emerge as the fourth largest domestic pharmaceutical company with sales exceeding Rs 900 crore.