Pfizer India to Sell Animal Health Division to Unit for $90 Million
Published: Feb 07, 2012
Pfizer Ltd. (500680.BY), the Indian unit of drug maker Pfizer Inc. (PFE), Tuesday said its board has approved the sale of its animal health division to a wholly owned unit for about INR4.40 billion ($90 million).The move is part of the U.S. parent's aim of reorganizing its operations in a manner that will give it the most flexibility to exit its animal health and nutrition units and focus on its core pharmaceuticals business. The animal health division--which accounted for 13% of overall sales of INR2.52 billion at Pfizer's India unit in the quarter through December--sells products such as the Vanguard canine coronavirus vaccine and Pet Tab Plus vitamin mineral supplements. About 80% of Pfizer Ltd.'s sales come from the pharmaceuticals division.