January 29, 2009

Pfizer India is believed to be in talks with Wockhardt to acquire some of its brands and businesses, including animal health.

It is learnt that the US major is eyeing Wockhardt's Protinex and Farex brands, which the Indian drug firm acquired from the Netherlands-based Royal Numico NV for an undisclosed sum in December 2007.

Sources added that Pfizer might be also interested in buying some Wockhardt's businesses, including animal health.

The acquisition makes sense for Pfizer as it has a sizeable animal health business in India, while Wockhardt has been trying to raise funds and is looking at various options including divesting certain businesses to meet the obligations of its nearly US$110-million FCCB issue, which is due for redemption in October this year.

The size of Pfizer's animal health business is Rs700 million (US$14,302), Wockhardt's animal business is valued around Rs500 million (US$10,216).