Pfizer to sell pharma manufacturing plant in India for US$27m

Published: 24-Sep-2015
Finance

Will be sold to Gujarat-based Vidhi Research and Development


Pfizer has agreed to sell its manufacturing plant in Thane, India to Vidhi Research and Development for Rs178 crores (around US$27m).

The US drugmaker, in a statement sent to Manufacturing Chemist, said: 'Pfizer Ltd (India) has announced that it has entered into a Business Transfer Agreement (BTA) for the transfer of the company’s business at the Thane plant as a going concern to Gujarat-based Vidhi Research and Development.

'Upon the conclusion of the BTA, all current workmen at the plant shall be transferred to the buyer so as to facilitate manufacturing operations.'

Pfizer announced in July that it would close or sell the Thane, Mumbai facility with effect from 16 September, having assessed its long-term viability and ability to achieve the needed production.

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