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Biotech / Medical : PFE (Pfizer) How high will it go? -- Ignore unavailable to you. Want to Upgrade?

To: J. P. who wrote (8166)	7/27/1999 9:44:00 AM
From: Anthony Wong	Respond to of 9523

Pfizer Inc<PFE.N> mulls 100 pct India subsidiary BOMBAY, July 26 (Reuters) - Pfizer Inc <PFE.N> has applied to India's Foreign Investment Promotion Board (FIPB) to set up a wholly owned subsidiary, an official of its Indian unit, Pfizer Ltd <PFIZ.BO>, said on Monday. "Pfizer Inc has applied to FIPB for a 100 percent subsidiary and the application is supposed to come up for hearing today," S. Ramakrishna, vice-president corporate affairs, told Reuters. The news caused Pfizer Ltd's shares to drop eight percent to 1,007.45 rupees on the Bombay Stock Exchange. Ramakrishna said the planned 100 percent subsidiary would be primarily engaged in three areas - exploring the sourcing and procurement of raw materials, bulk drugs and formulations from India, expansion of clinical research activity and manufacturing of new molecules. He said the new subsidiary offered no threat or disadvantage to Pfizer Ltd's operations. "It will be beneficial as there will be synergistic advantage with the new subsidiary being set up," he said. The new subsidiary will be a service provider to other Pfizer affiliates around the world. "In all the activities, Pfizer Ltd will have a major advantage as we are here, we know the market, the new subsidiary would definitely lean heavily on the expertise of Pfizer Ltd". He said Pfizer Inc was already doing clinical research in India and Pfizer Ltd was providing only administrative support. "The new company will take over the conduct of the activity and enhance the level of the research," he said. He said the subsidiary was likely to get into manufacturing of new molecules. "It might do toll manufacturing or may use leased facilities," he said. He said it was possible that Pfizer Ltd could provide relevant expertise for manufacturing as well. "Maybe for some new research molecule, Pfizer Inc might prefer to bring it through the new subsidiary, but generally the new entity will only augment Pfizer Ltd," he said. biz.yahoo.com