Pharmaceuticals firm Pfizer
will hive off its animal health division to a wholly-owned subsidiary
for a consideration of Rs 440 crore as part of a global internal re-organisation.
"The Board of Directors of the company, at its meeting held on February 6, 2012, has approved the sale of its animal health division by way of a slump sale to its wholly-owned subsidiary in consideration of approximately Rs 440 crore," the company said in a filing to the Bombay Stock Exchange.
It said the amount will be subject to adjustment for working capital, to be paid by the wholly-owned subsidiary, which is being being incorporated, either in cash and/or by issue of shares, at par or premium.
The company said the development is a part of a global internal re-organisation, taken up by its parent Pfizer Inc in July 2011, under which it was reviewing strategic alternatives for its global animal health business.
"In connection with that strategic review, Pfizer is undertaking certain internal re-organisation steps that are intended to give Pfizer the broadest possible flexibility to pursue a range of possible transactions in the future," the filing said.
"We are informed that no decision as yet has been made Pfizer regarding which strategic alternative it will pursue," it added.
The company's animal health business has presence primarily in the large animal health and poultry market segments and also includes rendering of marketing services.
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