Shares of Pfizer Ltd surged as much as 18.1 per cent to mark their highest intraday level since December 9, after the company said a unit of its parent Pfizer Inc will buy a near 61 per cent stake from two other units after an internal restructuring.
At 2:33 pm, Pfizer shares were up 9.95 per cent outpeforming the broader healthcare index which was up 0.86 per cent.
Pfizer East India B.V. Netherlands will buy a 29.52 per cent stake in Pfizer Ltd from Pfizer Investments Netherlands B.V’s for Rs. 1,537 a share.
In addition, Pfizer East India B.V. Netherlands will receive a 31.42 per cent stake in Pfizer Ltd from Pfizer Corp Panama as a gift for no remuneration.
“There are also hopes that the parent will further increase stake in Pfizer Ltd after completion of merger with Wyeth,” said Ranjit Kapadia, an analyst at Centrum Broking who tracks the sector.
Pfizer Ltd is to take over local affiliate Wyeth Ltd, the companies said on November 23.