MUMBAI, March 30: Pfizer will seek shareholder approval for the proposed sale of its Ankleshwar facility in Gujarat at its forthcoming annual general meeting (AGM). The meeting will also seek shareholder approval for the appointment of B Valentini and Pierre G Etienne as directors of the Indian arm.B Valentini is director, financial operations - Asia, Canada, E Europe, USSR, Pifizer Pharmaceuticals group, New York, while Etienne is at present executive director of the international clinical research group of Pfizer Inc, USA.
On the proposed sale of the Ankleshwar unit, the company said that due to the stoppage of production of the Becosles brand, the capacity utilisation of the plant had been considerably reduced. Pfizer adds that the divestment of this facility was aimed at meeting the challenges of today's business environment.
The sale of the facility will include the residential premises built at Bharuch for housing the officers employed at the unit. The proposed sale of this unit, the companyadds, will lead to the optimisation of its manufacturing resources at the Thane unit near Mumbai. Arthur Andersen and Banque National de Paris are joint consultants to assist and advice the company on the proposed sale of the plant.
Meanwhile, Pfizer India has continued to retain the number five position in the domestic market, despite the discontinuation of production of products like Combantrin, Diabinese and two Terramycin dosage forms. The company plans a slew of new launches in 1998, and it is understood that this is part of the multinational's strategy to emerge as the top pharmaceutical company in the domestic market within a three-year time frame. Though no official confirmation was available, it is learnt that the group's growth strategy will focus on both organic and acquisition-led growth, backed by a series of key product launches.
Significantly, Pfizer brands like Minipress XL have already captured two per cent of the anti-hypertensive market, making it the most successful launch ever in thatparticular market. The company also hopes to generate substantial revenues from anti-hypertensive brand, Amlogard, currently the world's number one cardiovasular drug. Amlogard has registered global sales of $2.3 billion in the year 1997. Other key Pfizer brands like Corex and Dolonex continue to maintain their lead positions in their respective segments.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
