News Real Estate

Pfizer Concludes Rs 110-Crore Deal With Piramal Enterprises

Pfizer Concludes Rs 110-Crore Deal With Piramal Enterprises

New Delhi: Drug maker Pfizer on Monday said it has completed the process of transferring four products to Mumbai-based Piramal Enterprises after getting necessary regulatory approvals.

“Post completion of requisite formalities and receipt of necessary regulatory approvals for the transaction, the company has concluded the transaction. Accordingly, the aforementioned products stand transferred to Piramal Enterprises,” Pfizer said in a regulatory filing.

In May this year, Ajay Piramal-led Piramal Enterprises had entered into an agreement to acquire four brands from Pfizer for a consideration of Rs 110 crore.

The acquisition includes brands Ferradol, Neko, Sloan’s and Waterbury’s compound. The agreement also includes the trademark rights for Ferradol and Waterbury’s Compound in Bangladesh and Sri Lanka.

Pfizer shares ended 1.66 per cent lower at Rs 1,930.40 apiece on the BSE, whose benchmark Sensex index finished down 1.3 per cent.