Drug firm Pfizer Ltd on Wednesday said it has entered into a pact with AstraZeneca AB, Sweden to acquire the Neksium brand in India for Rs75 crore to expand presence in gastrointestinal therapy segment.
The company is well placed to grow the Neksium brand further through its existing reach, coverage and equity in the gastrointestinal therapy area, Pfizer said in a statement.
Commenting on the development, Pfizer’s managing director S. Sridhar said: “The Neksium acquisition is aligned with our stated ambition of portfolio expansion through organic and inorganic growth in our focus therapy areas”. With this acquisition, the company will accelerate growth and strengthen its leadership position in the gastrointestinal (GI) therapy area, he added.
With brands such as Gelusil and Mucaine, the company has provided effective solutions in the antacid space for over 30 years, Pfizer said. Shares of Pfizer closed 3.07% up at Rs1,697.95 on BSE.