PFIZER LTD

Pfizer Limited is engaged in manufacturing, marketing, trading and export of pharmaceutical products. The Company offer a portfolio of 150 specialised medicines in 15 therapeutic areas across 4 business categories. It has its own manufacturing facility at Goa and Thane. It has the distinction of being the first pharmaceutical company in India to start clinical research. The Company sells products in nearly 185 countries having 43 manufacturing sites globally. Their 6 primary therapeutic areas includes, Internal Medicine, Oncology, Hospital, Vaccines, Inflammation & Immunology and Rare Diseases. Pfizer Limited came to the Indian market on 21st November, 1950 through a company, 'Dumex Limited'. The first production facility was set up at Darukhanna in Mumbai, where products like Protinex and Isonex (isoniazid - an anti -TB drug) were manufactured. Subsequently, this plant also produced Becosules and Corex. In 1960, Pfizer established a large and modern plant at Thane, near Mumbai, which housed manufacturing, quality control and product research facilities. This plant won a number of national safety awards. In November of the year 1965, the Company had entered into a licence agreement with Pfizer Corporation continuing the royalty-free licence granted to it for the use of Pfizer processes, technical know-how, etc., relating to the manufacture of existing products in the pharmaceutical, veterinary and agricultural fields and giving the Company the right to obtain from Pfizer Corporation by Mutual agreement, technical know-how and other assistance relating to the manufacture of new items. A large research and development laboratory of the company at Thane was commissioned in the year 1969. As of 4th March of the year 1977, the company's status was changed as a public limited company. Piroxicam, a major anti-artharitic drug, was launched in India in the last quarter of the year 1989 under the brand name of DOLONEX. The former subsidiary Dumex Ltd was amalgamated with the company effect from 1st April of the year 1992 and also during the same year, the pharmaceuticals division introduced Dolmex' intramuscular injection. Development Operations (Dev Ops) India, formerly a part of the Clinical Research Division, was established in 1995. The operations started with the hiring of a statistician in 1995. Pfizer had acquired the animal healthcare operations of SmithKline Beecham in the year 1996. The pace of work of Clinical Research Division was picked up in 1998 and this was followed by a substantial growth in terms of activities and resources, especially in data management. A dedicated Informatics group of the company for all technical and applications support has been available since 1997. The Company closed down its manufacturing plant at Ankleshwar with effect from 31st July of the year 1999. During the year 2000, PL made tie-up with Shantha Biotechnics for parallel marketing of its products. Express Pharma Biz Award came to company's hands in the year 2002 for overall performance. The operational merger between the company and Parke-Davis had been completed in the year 2002. A year after, in 2003, Pfizer had initiated the global implementation of 'Clinicopia Labelling and Clinicopia Supply Chain' a part of inferno's Clinical Trials management suite. In mid 2003, the Mumbai group was aligned under Dev Ops Europe to emphasize its focus on operations and facilitate more interactions and project engagements from all sites. In the year 2004, PL had entered into an agreement with Sanofi Synthelabo (India) Ltd for co-promotion of its product, Daxid. The Company's seven key brands (Corex, Becosules, Magnex, Dolonex, Gelusil, Minipress XL and Benadryl) had listed among the Top-100 Industry brands, in the year 2005. Viagra was the first global brand launched in December of the year 2005, followed by Caduet (a combination of atorvastatin and amlodipine for treatment of patients with dyslipidemia and hypertension) and LYRICA (pregabalin, for treatment of neuropathic pain), both of which launched in the first quarter of 2006. The Company bagged Pharma Excellence Awards 2006 in 'Innovative Products of the Year' category for Exubera. The global divesture of the OTC business to Johnson & Johnson in December 2006 and Pfizer, won a US Supreme Court appeal in April of the year 2007 that aimed to open the company's Lipitor cholesterol pill, the most widely prescribed drug in the world, to generic competition, also in end of the year 2007, the company had transferred its exclusive license to Johnson & Johnson for a total consideration of Rs 2,148.51 million. Pfizer had launched Champix, a non-nicotine smoking cessation prescription drug during February of the year 2008. On 12 April 2009, Pfizer Investments Netherlands B.V., an indirect wholly-owned subsidiary of Pfizer Inc, announced that it will make a tender offer to acquire a 33.77% stake in Pfizer Limited from public shareholders at a price of Rs. 675 per share. Successful completion of this offer, assuming full acceptance, would raise the indirect stake of Pfizer Inc in Pfizer Limited to 75% from the current level of 41.23%. The offer will represent a total value of up to Rs 680 crore, or approximately USD 136 million. The Board of Directors of Pfizer Ltd at its meeting held on 26 September 2009 approved the Scheme of Amalgamation of Duchem Laboratories Ltd (wholly owned subsidiary of Pfizer Ltd) and Pfizer Ltd. The Scheme is proposed to be effective 1 December 2008. The Transferor Company being the wholly owned subsidiary of Pfizer Ltd, no consideration shall be payable to the Transferor Company or its shareholders pursuant to the Amalgamation and the shares held by Pfizer Ltd and its nominees in the Transferor Company shall stand cancelled. The Board of Directors of Pfizer Ltd at its meeting held on 6 February 2012 approved the sale of its animal health division by way of a slump sale to its wholly owned subsidiary (being incorporated) in consideration of approximately Rs 440 crore, subject to adjustment for working capital, to be paid by the wholly owned subsidiary (being incorporated) either in cash and/or by issue of shares (at par or premium) on such terms as may be agreed to by the Board of Directors. In July 2011, Pfizer Inc USA., the Ultimate Holding Company of Pfizer Ltd, announced that it was reviewing strategic alternatives for its global animal health business. The Board of Directors of Pfizer Ltd at its meeting held on 8 November 2012 approved the sale of its animal health business to Pfizer Animal Health India Limited, a 100% indirect subsidiary of Pfizer Inc., USA for a consideration of Rs 471.60 crore. Pfizer Ltd issued to all concerned a lock out notice on 1 August 2014 at its plant situated at Thane Belapur Road, K.U. Bazar P.O., Navi Mumbai (the Plant). This said notice for the proposed lock-out has been necessitated on account of several acts, as a result of which the Company is of the belief that it has become impossible for the management to continue with the operations of the Plant in a peaceful and productive manner. The above lock-out notice will have no impact on the business operations of the Company. The Company has in place a robust business continuity plan which will ensure that its medicines are available to the patients at all times.On 1 December 2014, Pfizer Limited announced the completion of the merger with Wyeth Limited. The Scheme of Amalgamation between Wyeth Limited and Pfizer Limited and their respective shareholders and creditors (Scheme) was sanctioned by the Bombay High Court vide its order dated 31 October 2014. As per the provisions of the Scheme, 7 (seven) equity shares of Rs. 10/- (Rupees Ten only) each fully paid up of Pfizer Limited, will be issued for every 10 (ten) equity shares of Rs.10/- (Rupees Ten only) each fully paid up held in Wyeth Limited. The merger places Pfizer Limited among the top 10 pharmaceutical companies in India by market share. Pfizer Inc., USA, through its subsidiaries holds the majority stake in both companies and will continue to remain the majority shareholder with an approximate 63.9% holding in Pfizer Limited, post-merger. Wyeth Ltd. is a market leader in vaccines and women's health. Wyeth has pioneered the introduction of several new therapies in India and was the first to launch hormone replacement therapy and conjugated pneumococcal vaccines for infants and adults. On 15 July 2015, Pfizer Ltd has informed the stock exchanges that the company has intimated the concerned authorities that it intends to effect closure of its plant situated at Thane Belapur Road, K.U. Bazar P.O., Navi Mumbai ('the Plant') with effect from 16 September 2015. The decision to close the Plant is based on an assessment of its long term viability and its ability to achieve the needed production. There has practically been no production activity at this plant since 2013, and the closure will not impact the supply of any of the Company's medicines to patients. On 24 September 2015, Pfizer Ltd informed the stock exchanges that the company has intimated the concerned authorities that it has withdrawn its notice dated 15 July 2015, whereby it had intended to effect closure of its plant situated at Thane Belapur Road, K.U. Bazar P. O., Navi Mumbai ('the Plant'), as the Company has entered into a Business Transfer Agreement to sell the Plant as a going concern to Vidhi Research & Development LLP. On 23 September 2015, Pfizer Ltd had informed the stock exchanges that it had entered into a Business Transfer Agreement (BTA) for the transfer of the Company's business at the Thane Plant as a going concern to Vidhi Research and Development LLP in accordance with the terms of the agreement for a lump sum consideration of Rs 178 crore. On 14 March 2016, Pfizer Ltd. announced that it has discontinued the manufacture and sale of its drug 'Corex' with immediate effect in view of Government of India notification dated 10 March 2016 prohibiting the manufacture for sale, sale and distribution of fixed dose combination of Chlopheniramine Maleate + Codeine Syrup with immediate effect. The above prohibition is likely to have an adverse impact on the revenue and profitability of the company. The company is exploring all available options at its disposal. On the same day, the Delhi High Court granted an interim injunction suspending the operation of the said government notification banning the manufacture for sale, sale and distribution of fixed dose combination of Chlopheniramine Maleate + Codeine Syrup till the next date of hearing. Corex recorded sale of Rs 176 crore for the nine months period ended 31 December 2015. On 13 May 2016, Pfizer Ltd. announced that it has signed an agreement for the sale of four products marketed by its Global Established Products business in India. The brands Neko Soap, Sloans, Ferradol and Waterburys Compound will be divested to Piramal Enterprises Limited, for a consideration of Rs 110 crore, subject to adjustments for inventory on closing. The closure of this transaction is subject to obtaining requisite regulatory approvals and fulfilment of certain conditions by the parties. On 29 November 2016, Pfizer Ltd announced that has also decided to discontinue the manufacturing of the current Corex Cough Syrup formulation (Codeine Phosphate 10mg + Chlorpheniramine Maleate 4mg) as part of a comprehensive review of its respiratory offerings. The company will be launching a series of products as line extensions under the Corex brand name, starting with the first launch in December 2016 and subsequent launches over the next year. The company remains committed to providing a more comprehensive set of solutions in respiratory indications, while ensuring minimal impact towards patients resulting from the discontinuation of manufacturing of the current Corex Cough Syrup formulation. Corex Cough Syrup recorded a sale of Rs 244.48 crores for the financial year ended 31 March 2016. On 18 January 2017, Pfizer Limited announced that it has entered into a Delegation of Authority (DoA) with AstraZeneca Pharma India Limited (AstraZeneca), pursuant to which AstraZeneca has granted certain authority to the company to conduct certain activities in India. The said DoA is a result of a global agreement whereby Pfizer Inc. through its affiliates acquired from AstraZeneca PLC (through its affiliates) the development and commercial rights of their late-stage small molecule anti-infectives business. By way of this DoA, the company has been granted the authority, inter alia, to carry out the activities of pricing and reimbursement negotiations, promotional, marketing, tendering, bidding, and distribution in relation the identified injectable antibiotic products. Pursuant to this, Meronem Injection which is currently marketed in India by AstraZeneca is expected to be transitioned to Pfizer Limited. On 31 May 2017, Pfizer Limited (India) informed the stock exchanges that it has entered into an agreement with AstraZeneca AB, Sweden, to acquire the brand 'Neksium' in India for a value of Rs 75 crore. The transaction is subject to completion of requisite clearances. Neksium was launched in India in the year 2006 and has developed strong equity with prescribers as a leading, high quality product in the Anti-Peptic Ulcerant space. Neksium, with the active ingredient Esomeprazole belongs to a class of pharmaceutical preparations called Proton Pump Inhibitors' (PPI) which are used effectively for reducing the acid secretion in the stomach. It is widely prescribed for the treatment of conditions across the Acid Peptic Disorders (APD) spectrum. Neksium (esomeprazole) complements Pfizer Limited's existing product portfolio in the gastrointestinal (GI) therapeutic area. Pfizer Inc., USA had announced on October 10, 2017 that it was considering a review of strategic alternatives for its Global Consumer Healthcare business. Further to this, in December 2018, Pfizer Inc. had announced the formation of a joint venture between Pfizer Inc. and GlaxoSmithKline Plc. to create a premier global consumer healthcare company with robust iconic brands. The Company had been informed by Pfizer Inc. that the brands Anne French and Anacin which are currently marketed by your Company will become a part of the portfolio of the Joint Venture company. In 2019, Enbrel, the first Tumor Necrosis Factor (TNF) inhibitor was launched. It launched Zavicefta drug; in 2021, it launched Gastroesophageal Reflux Disease (GERD) Clinic. The Company on September 30, 2021 entered into a business transfer agreement (BTA) with Mylan Pharmaceuticals Private Limited (Mylan), subsidiary of Viatris Inc to transfer certain primarily off-patent branded and generic established medicines business comprising of six brands which included Lyrica, Viagra, Celebrex, Amlogard, Daxid and Dilantin along with related business assets and liabilities of Upjohn Business as a going concern to Mylan for a consideration of Rs 180.48 Crore. As a result, the Company transferred Upjohn business along with related business assets and liabilities to Mylan effective August 1, 2022. During the year 2022-23, the Company transferred its said Business Undertaking at Thane including the land, plant and machinery and all workmen employed to Vidhi Research & Development LLP effective February 24, 2023. In FY 2023-24, Company launched Betrecep (Tofacitinib) in July, 2023 for the treatment of Rheumatoid Arthritis, Psoriatic Arthritis, Ankylosing Spondylitis, and Ulcerative Colitis. Becosules Syrup and Gelusil Raft preparation was launched in February, 2024.