Indian units of Pfizer and Wyeth to merge

Reuters

MUMBAI, Nov 23 (Reuters) - Pfizer Ltd, the Indianunit of U.S. drug maker Pfizer Inc, is to take overlocal affiliate Wyeth Ltd, they said on Saturday aftertheir boards approved the deal.

Shareholders of Wyeth will get seven Pfizer Ltd shares forevery 10 shares held, requiring the issue of approximately 15.9million new Wyeth shares, it said.

Wyeth Ltd has a market capitalisation of about $294 millionand is already owned 51.12 percent by Pfizer Inc, which in turn owns 63.57 percent of Pfizer Ltd, which has a marketcapitalisation of $681 million.

Pfizer and Wyeth also announced on Saturday they would payinterim dividends of 360 rupees and 145 rupees per sharerespectively.

Apart from the Indian business Pfizer Inc bought rival Wyethin 2009, leaving their Indian units with separate stock marketlistings.

Bank of America Merrill Lynch and Citigroup were advisors to Pfizer and Wyeth respectively, the statementadded.

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