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Pfizer to appoint valuers for Pharmacia merger

Our Bureau

Mumbai , April 29

PFIZER Ltd told its shareholders here on Thursday that it would appoint valuers for the merger of the two listed companies, Pharmacia Healthcare Ltd and Pfizer.

Mr R.A. Shah, Chairman of Pfizer, said, at the company's annual general meeting, that two independent valuers would be appointed to take up issues related to the merger. This would be taken up by the company boards and when implemented, it would come into effect from December 2003, he said.

The parent company, Pfizer Inc, holds 40 per cent equity in Pfizer Ltd and 75 per cent in Pharmacia Healthcare.

Replying to shareholders' disappointment with Pfizer's financial performance, he admitted that the company had been "distracted" with the merger and integration of Parke-Davis last year. However, he projected that the pharma segment would grow at 9 to 11 per cent and Pfizer was expected to grow at 15 per cent in India.

He said the company was outsourcing sales and medical representatives from Innovex, a multinational contract promotional agency.

Mr Hocine Sidi Said, Managing Director, Pfizer, said that the 2003 performance was affected, among other things, by the fall in prices of Becosule and the rationalisation of medical representatives to 1,289 over the last 12 months. "This caused friction and a lack of focus in sales and marketing," he said, making a reference to the Parke-Davis integration process.

On new product launches, he indicated that a strong regulatory framework protecting intellectual property rights will accelerate the launch of more products from the parent company.

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