Financial Daily from THE HINDU group of publications
Friday, Feb 17, 2006
Financial Daily from THE HINDU group of publications Friday, Feb 17, 2006 |
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Corporate
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Announcements Marketing - Trends Wyeth Ltd gives up marketing rights for blockbuster vaccine Jayanta Mallick
Kolkata, February 16 WYETH Ltd, jointly promoted by Wyeth USA and Atul Ltd, has relinquished its rights to market the blockbuster vaccine Prevenar in India at a price of Rs 22.60 crore. The valuation has been determined by KPMG. It has also allowed Wyeth USA to set up an unlisted, wholly owned subsidiary, Wyeth Pharmaceuticals India Ltd, and use the `Wyeth' trademark for marketing the product.Wyeth USA will soon launch Prevenar (a pneumococcal 7 valent conjugate vaccine and an original researched product of Wyeth) through the new subsidiary. The vaccine's current global turnover is $1 billion, a Weyeth Ltd spokesperson told Business Line on Thursday. Commenting on the valuation of the vaccine, the spokesperson said, "This is an expensive vaccine with a limited market in India. KPMG is an internationally reputed, independent valuer." "Since this vaccine has a potential to generate profits of Rs 25 crore per year, a group of minority shareholders also decided to make a counter-offer to Wyeth Ltd to buy the marketing rights for Rs 45 crore," said Mr Janardhan Kothari, an investor. The shareholders pointed out that Mr Bernard Poussot, Executive Vice-President, Wyeth, USA, had gone on record in February 2005, saying that the US company was planning to launch a number of its global blockbuster products, including Prevenar, through Wyeth Ltd. It is also a departure from what Wyeth Ltd's top officials, including the Chairman, have been saying in the last four years, Mr Rupen Masalia, another investor from Mumbai, added.
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