Pfizer Looking For Acquisitions In India

US drugmaker Pfizer is scanning Indian pharma companies for possible alliances as a part of a strategy to bolster revenues threatened by the expiry of patents on key drugs in the next three years.

The$48-bn US drugmaker has approached Zydus Cadilla, Emcure, Intas Pharma and Mankind Pharma among others but has not received a favourable response from any of these companies.

Some of the company's big revenue contributor drugs, including Viagra and cholesterol fighting drug Lipitor are going off-patent in the next thre years, exposing the company to competition from cheaper substitutes.

Lipitor contributes for a quarter of its sales while Viagra contributes about $2 bn annually to the world's largest drugmaker's revenues.

Indian companies that sell generic versions of off-patent blockbuster drugs could help the New York-based firm grab a share of the growing generics market. Indian firms have made their presence felt in most of the biggest markets in the world, including the US and Europe.

With a market capitalisation of $141.6 bn and several blockbuster drugs such as Lipitor, Viagra, Norvasc, Caduet, etc in its kitty, Pfizer is a major playerin the global pharma domain.

Recently, Pfizer acquired its rival Wyeth for $67 bn. New Jersey based Wyeth has annual revenues in excess of $ 20 bn.

Earlier this year, Pfizer acquired the veterinary business of Delhi based RFCL from ICICI Ventures for about $75 mn. It also has drug-supply agreemnets with Claris Lifesciences and Aurobindo.

Like Pfizer, other pharma majors such as GlaxoSmithKline and Sanofi Aventis are also looking out for acquisitions in emerging markets.

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October 26, 2010 06:55 AM

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