Pharma major Pfizer buys AstraZeneca's drug for Rs 75cr
American pharma major Pfizer's Indian arm on Wednesday announced that it had acquired the Neksium brand of the Swedish drug MNC AstraZeneca for Rs 75 crore.
"The drug, used for treating peptic ulcers, will support our India strategy to boost its coverage and equity in the gastro-intestinal therapy area," said Pfizer India Ltd in a regulatory filing to the BSE.
Pfizer introduced the drug in India in 2006 and developed equity with its prescribers in the anti-peptic ulcerant space.
"With Esomeprazole ingredient, Neksium belongs to a class of preparations called 'Proton Pump Inhibitors', which are used for reducing the acid secretion in the stomach," said Pfizer in a statement.
The drug is also prescribed for treating conditions of peptic acid disorders.
"The acquisition is in line with the portfolio expansion through organic and inorganic growth in our focus therapy areas," said Pfizer Managing Director S. Sridhar.
With brands like Gelusil and Mucaine, Pfizer has been a provider for solutions in the antacid space for over 30 years. The company claims it is uniquely well placed to grow the Neksium brand further through its existing reach, coverage and equity in the GI therapy area.
According to a report in Economic Times, Pfizer ranks twelfth in the Indian market with a sales revenue of roughly Rs 2,800 crore according to data from AIOCD. This deal is part of the global acquisition where Pfizer had agreed to buy the drug from AZ in 2012.
