Four Pfizer brands to be acquired by Piramal Enterprises for Rs 110 cr
New Delhi : Ajay Piramal-led Piramal Enterprises has entered into an agreement to acquire four brands from Pfizer for a consideration of Rs 110 crore.
"The company's consumer products division has entered into an agreement to acquire four brands from Pfizer Ltd for a consideration of Rs 110 crore," Piramal Enterprises said in a filing to BSE.
The acquisition includes brands Ferradol, Neko, Sloan's and Waterbury's compound, it added.
"The agreement also includes the trademark rights for Ferradol and Waterbury's Compound in Bangladesh and Sri Lanka," Piramal Enterprises said.
Commenting on the development, Piramal Enterprises Executive Director Nandini Piramal said: "The consumer products division of the company currently ranks seventh in India but we aim to be a top 3 player in the OTC market by 2020."
The company believes these brands from Pfizer will fit "our portfolio and also strategically help us move closer towards our stated objective," she added.
Piramal Enterprises Ltd (PEL) is currently present in the segments of Healthcare, Healthcare Information Management and Financial Services.
Shares of Piramal Enterprises closed 3.89 per cent up at Rs 1,263.60 apiece on BSE.