New Delhi: Drug maker Pfizer Ltd Tuesday said the company's shareholders have approved the sale of its animal health division to its subsidiary, Pfizer Animal Pharma, for Rs 440 crore.
The shareholders of the company have by postal ballot approved the sale with requisite majority on March 26, 2012, Pfizer said in a filing to the BSE.
"The sale of the company's animal health business to Pfizer Animal Pharma Pvt Ltd (PAPPL) has been closed and completed today for a consideration of Rs 440 crore," it added.
Consequent to the closing of the transaction the animal health business comprising marketing and trading in drugs, formulations and vaccines, together with their rights, title and interest in the movable intangible and current assets stand transferred to PAPPL, it said.
The company's board had in February approved the sale of the animal health division by way of slump sale.
Shares of Pfizer were trading at Rs 1,241.60 on the BSE in the afternoon trade, up 3.51 from its previous close.