Financial Daily from THE HINDU group of publications
Thursday, Nov 28, 2002
Financial Daily from THE HINDU group of publications Thursday, Nov 28, 2002 |
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Pharmaceuticals Marketing - Brands Pfizer India sells Protinex to Danish co Our Bureau
MUMBAI, Nov. 27 PFIZER India Ltd has sold its protein supplement brand, Protinex to EAC Trading Private Ltd, Indian subsidiary of Denmark-based EAC Nutrition, for a consideration of about Rs 35 crore. The sales of Protinex follows the parent company, Pfizer Ltd's decision to sell the brand. In a notification to the Bombay Stock Exchange today, Pfizer Ltd said that pursuant to Pfizer Products Inc, USA and Pfizer Corporation Panama's sale of Dumex trademark and the protein supplement brand Protinex to EAC Nutrition Ltd, Denmark, Pfizer Ltd in India has successfully finalised phased sales transition and manufacturing support agreements for Protinex with its EAC Nutrition's Indian subsidiary EAC Trading Pvt Ltd. The brand Protinex registered a Rs 26-crore sales last fiscal and is growing at two to three per cent, analysts say. Protinex currently, contributes 8 per cent to the overall turnover of Pfizer India Ltd. EAC Nutrition Ltd is a Danish company with interests in food and nutrition. These agreements would cover a three-year period commencing December 1. This move, which will launch EAC Nutrition in the Indian market, involve phased sharing of revenues and profits and manufacturing of Protinex over a three-year period in addition to outright consideration of $7 million to the Indian affiliate, the statement said. Pfizer India recently concluded a merger with Parke Davis India Ltd and Pharmacia India Private Ltd. The company registered a turnover of Rs 109.3 crore, up by 17 per cent and net profit was at Rs 15.4 crore. The share price of Pfizer ended marginally higher today on the BSE at Rs 395.40 with 279 shares being traded. On the NSE, the share price closed higher by 0.57 per cent at Rs 396.10 with 812 shares being traded.
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