Pfizer Ltd board approves hiving off animal health

9 January 2012: Pharma major Pfizer Ltd (India) has approved setting up of a new subsidiary as part of plans to hive off the company's animal health business. The company's board of directors gave the green signal to the proposal during their meeting.

The board has approved the incorporation of a wholly owned subsidiary in Maharashtra "with a view to spin off its animal health business to such entity as a pre-step to subsequent sale to a wholly-owned subsidiary of Pfizer Inc in India", according to a regulatory filing. Implementation of the proposal would be subject to various approvals and permissions.

Source: Economic Times