Drug major Pfizer today announced completion of the merger with Wyeth, thereby placing the former among the top ten pharmaceutical companies in India by market share.
The company had received approvals from the Bombay High Court earlier and today filed the order with the Registrar of Companies to conclude the merger process, Pfizer Ltd said in a statement.
The merger places Pfizer Ltd among the top ten drug companies in India by market share, it added. "Pfizer Inc,USA, through its subsidiaries holds the majority stake in both companies and will continue to remain the majority shareholder with an around 63.9 percent holding in Pfizer Ltd post-merger," the company said.
With the conclusion of the process, all employees of Wyeth Limited are also now a part of Pfizer Ltd, it said. "The company has already completed the necessary steps to ensure a seamless transition and integration of the workforce into Pfizer Ltd," it added.
As a result of the merger, Pfizer Ltd now has a significantly stronger portfolio of offerings across a wider therapeutic universe.
"Importantly, the company now debuts its offering in vaccines with India's largest vaccine brand and builds a robust presence in the areas of women's health with a portfolio that includes some of the best known brands in Oral contraception and folic acid supplements," the company said.
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