Pfizer to sell Ankleshwar unit

MUMBAI, MARCH 30: Pfizer has sought shareholder approval for the proposed sale of the company's Ankleshwar facility at its forthcoming annua...

MUMBAI, MARCH 30: Pfizer has sought shareholder approval for the proposed sale of the company8217;s Ankleshwar facility at its forthcoming annual general meeting. The meeting will also seek shareholder approval for the appointment of B Valentini and Pierre G Etienne as directors of the Indian arm.

B Valentini is director, financial operations 8211; Asia, Canada, E Europe, USSR, Pifizer Pharmaceuticals group, New York, while Etienne is currently executive director of the international clinical research group of Pfizer Inc, USA.

On the proposed sale of the Ankleshwar unit, Gujarat, the company says that due to the stoppage of production of Becosles brand, the capacity utilisation of the plant had been considerably reduced. Pfizer adds that the divestment of this facility was aimed at meeting the challenges of today8217;s business environment.

The sale of the facility will include the residential premises built at Bharuch for housing the officers employed at the unit. The proposed sale of this unit, the company adds,will lead to the optimisation of its manufacturing resources at the Thane unit near Mumbai. Arthur Andersen and Banque National de Paris are joint consultants to assist and advice the company on the proposed sale of the plant.

Meanwhile, Pfizer India has continued to retain the number five position in the domestic market, despite the discontinuation of production of products like Combantrin, Diabinese and two Terramycin dosage forms.

The company plans a slew of new launches in 1998, and it is understood that this is part of the multinational8217;s strategy to emerge as the top pharmaceutical company in the domestic market within a three-year time frame. Though no official confirmation was available, it is learnt that the group8217;s growth strategy will focus on both organic and acquisition-led growth, backed by a series of key product launches. The company is currently ranked number five in the domestic drug market.

Significantly, Pfizer brands like Minipress XL have already captured two per cent of theanti-hypertensive market, making it the most successful launch ever in that particular market. The company also hopes to generate substantial revenues from anti-hypertensive brand, Amlogard, currently the world8217;s number one cardiovasular drug. Amlogard has registered global sales of 2.3 billion in 1997.