[From News Reports] Today Pfizer Ltd. (500680.BY), the Indian unit of drug maker Pfizer Inc. (PFE) and its board have 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, accounting 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.
Pfizer Ltd. shares initially rose on the news, surging 6.5% intraday to INR1,270, the highest level in a month. The stock subsequently pared its gains and was trading 2.5% lower at INR1,163.45 at 1000 GMT in a Bombay Stock Exchange market down 0.5%.