The deal will bring both entities together under the Pfizer brand in India, which will have greater financial strength and streamlined operational and compliance costs.
“I strongly believe that this merger will increase long term value for all stakeholders. The combined entity would have an increased therapeutic presence and a de-risked business profile,” said Aijaz Tobaccowalla, managing director of both companies, “The merger process would require several approvals and we anticipate this will take approximately another nine months.”
The deal is subject to approval from shareholders, the Securities and Exchange Board of India, the Foreign Investment Promotion Board, the stock exchanges, and the Bombay High Court.
DSP Merrill Lynch is the financial advisor to Pfizer and Ernst & Young is acting as tax advisor to the company.
Citigroup Global Markets is the financial advisor to Wyeth, and is being advised in this capacity by Davis Polk & Wardwell. Hong Kong corporate partner Kirtee Kapoor and registered foreign lawyer Pavan Jawanda were key members of the Davis Polk team.
AZB’s team is led by partner Abhijit Joshi, with help from Nandish Vyas, Molla Hassan, Adarsh Varghese & Navruz Vakil.