Pfizer (India) Blog

Friday, February 10, 2006

History of the Company

1950

- The Company was incorporated as a private limited company under the name of Dumex Ltd., on 21st November. The Company manufacture and distribute sale and export of pharmaceuticals, agricultural and animal health products, pharmaceutical chemicals, nutritional products and items for personal, household and industrial use.

- At its Mumbai plants, the Company manufactures pharmaceuticals and veterinary products and produces isonicotinic acid, hydrazide, para-amino-salicylic PAS acid and Protinex from basic raw materials.

- At Chandigarh, the Company has a basic fermentation plant for the production of broad spectrum antibiotics, oxytetracycline and tetracycline, an organic synthesis unit for chloropropamide, and facilities for blending and packaging of feed supplements.

1952

- The Company set up a plant at Reay Road, Mumbai and commenced processing of antibiotic, anti-TB, vitamin, nutritional and steered products and a number of other pharmaceuticals and set up plants for isonicotinic acid hydrazide and Protinex - a rich protein supplement.

1958

- Pfizer, a leading U.S. and International manufacturer of pharmaceuticals, chemical, agricultural and other products took over the Company and its name was changed to Pfizer (P) Ltd.

1960

- 15,000 Pref. shares redeemed, 25,100 No. of Equity shares issued.

-The parent Pfizer Inc. and Warner Lambert (the parent company of Parke Davis) agreed to a $90-billion merger to create the world's fastest growing pharma company.

1963

- Rs 100 shares subdivided into shares of Rs 10 each.

1964

- 1,00,000 No. of Equity shares issued.

1965

- The received support from Pfizer Corporation for the development of new and improved products. In November, the Company entered into a licence agreement with Pfizer Corporation continuing the royalty-free licence granted to it for the use of Pfizer processes, technical knowhow, etc., relating to the manufacture of existing products in the pharmaceutical, veterinary and agricultural fields and giving the Company the right to obtain from Pfizer Corporation by Mutual agreement, technical know-how and other assistance relating to the manufacture of new items.

- 12,50,000 shares issued. Entire capital held by Pfizer Corporation, Panama and its nominees.

1966

- 6,60,000 shares issued in March at a premium of Rs 15 per shares: 1,98,000 shares taken up by directors, etc. and employees of the Company and 4,62,000 shares offer to the public.

1968

- Rs 2 per share called up on Capital Account by 2nd January. In April, 1,800 share forfeited. In July, 13,29,100 Bonus shares issued in prop. 1:2. 180 forfeited shares were thus reissued.

- Pfizer is a leader in the pharmaceutical industry, manufacturing and marketing a diverse range of products.It has a fully owned subsidiary -- Duchem Laboratories.

1972

- In April, 15,94,568 Bonus Equity shares issued in the prop. 2:5.

1977

- The company became public limited company on 4th March.

- The Company has a Process Development Laboratory in Mumbai exclusively used for the study and development of new processes for the basic manufacture of drugs. It has a Pharmaceutical Product Development Laboratory also located in Mumbai. A large research and development laboratory at Thane was commissioned in 1969.

- 44,64,820 Bonus shares issued in prop. 4:5.

1982

- During October the Company issued 16,74,300 new equity shares of Rs. 10 each at a premium of Rs 8 per share to reduce the foreign shareholding in the Company to 60%.

1983

- The Company had received in August/September consent order from the Controller of Capital Issues, to issue 5,37,500 No. of equity shares, of Rs 10 each for cash at a premium of Rs 10 per share, as `Rights' to the existing shareholders and also to the employees of the Company, in connection with the proposed project for the manufacture of oleandomycin, polymycin, bacitracin and zinc bacitracin.

1985

- Duchem Laboratories Ltd. (formerly known as United Advertising Ltd.) and Euphoric Drugs Ltd., are wholly owned subsidiaries of the Company. Euphoric Drugs Ltd., became a subsidiary of Duchem Laboratories Ltd.

1988

- With a view to voluntarily reducing foreign equity shareholding in Pfizer Ltd., from 60% to 40%, Pfizer Corporation, U.S.A. offered for sale in August 1988, 23,44,050 No. of equity shares out of their total holding of 70,32,100 shares of Pfizer Ltd.

- The 23,44,050 shares which were offered for sale were allotted at a price of Rs 30 per share (face value Rs 10 and premium Rs 20) in the following manner: (i) 12,30,000 shares to Euphoric Pharmaceuticals Pvt. Ltd., Gujarat, (ii) 9,37,610 shares to the existing equity shareholders of the Company in the ratio of 1:5, (iii) 1,17,200 shares to employees and directors of Pfizer Ltd., and (iv) 59,240 shares to business associates of the Company.

1989

- Piroxicam, a major anti-artharitic drug, was launched in India in the last quarter of the year under the brand name "DOLONEX".

1990

- During the year, the animal health products division launched Distodin for fluke worms in cattle and the division proposed to launch Terramycin LA a unique sustained release injectable dosage form in the near future.

- The Company issued 14% Non-Convertible debentures aggregating Rs 200 lakhs on private placement basis to ICICI.

1991

- The Company issued 2,00,000-16.5% redeemable non-convertible debentures of Rs 100 each to ICICI on private placement basis. These debentures are to be redeemed in three equal instalments commencing at the end of the 6th year and ending at the end of 8th year from the date of allotment of debentures at a premium of 5% at the end of the 7th year.

1992

- The former subsidiary Dumex Ltd., which was amalgamated with effect from 1st April, with the Company. During the year, the pharmaceuticals division introduced `Dolmex' intramuscular injection.

- The animal health products division launched `Coxistac' a latest generation ionophore anti-coccidial, specially recommended for the boiler industry.

- With effect from 1st April, Dumex Ltd., a wholly owned subsidiary of the Company was amalgamated with the Company.

- With the reduction in the equity shares holding by Pfizer Corporation, the Company ceased to be a FERA company.

1995

- The pharmaceutical division proposed to introduce "Gastro Intestinal Therapeutic System" using advanced laser technology for hypertensive patients with problem of diabetes, high cholesterol and several other concomitant diseases.

1996

- Pfizer has acquired the animal healthcare operations of Smithkline Beecham. The bulk drug plant at Kalyani was sold to Dabur in 1996.

- The pharmaceutical division discontinued combantrin, diabinese and two terramycin dosage form.

1998

- An Artihypertasing Amlogard was launched. It was proposed to launch a new long-acting endectocide.

- The letter of intent for the new products "COMBANTRIN" and "BANMINTH" was converted into an industrial licence. As regards the letter of intent for "OLEANDOMYCIN", "POLYMYCIN", "BACITRACIN" and "ZINC BACITRACIN" the Company decided not to go ahead with the manufacture of oleandomycin as it was not found to be economically viable.

- Pfizer India is an affiliate of Pfizer, US, which is the sixth largest pharma company in the world.

- In Jan.'99, Pfizer, transferred to itself Magnamycin, a successful injectable antibiotic brand, from Duchem, its subsidiary.

1999

- Pfizer India has issued a notice that it will close down its manufacturing plant at Ankleshwar with effect from 31st July.

- Pfizer Inc the US pharma giant's decision to set up 100 per cent subsidiary has given a jolt to investors in Pfizer India.

- As part of the consolidation exercise, the parent company of Pfizer has also approached the government to set up a 100-per cent subsidiary in India to manufacture high-tech formulations.

- The Foreign Investment Promotion Board on Monday approved Pfizer's proposal to set up a wholly-owned subsidiary while deferring by four weeks Honda-Siel Cars' application to become the indenting agents for Honda Motor Company of Japan.

- Pfizer Inc's proposal to set up a 100 per cent subsidiary in India. Pfizer Ltd is 40 per cent held by the American parent company.

- Pfizer received approval from the Foreign Investment Promotion Board to set up a 100 per cent subsidiary, causing concern among minority shareholders that the proposed subsidiary would reap the benefits of the prospective changes in the patent law.

2000

- Shantha Biotechnics has tied up with the company for parallel marketing of its products.

- In July 2000, the company allotted bonus shares in the ratio of 1:1, thereby increasing the paid-up equity capital to Rs 23.44 cr.

- Mr. Hocne Sidi Said has been appointed as the Managing Director in place of Mr Ian R. Young effective from 1st January 2001. The resignation of Mr Bhaskar Bhattacharya, Alternate Director to MR B. Balentini and Wholetime Director of the company has been accepted with effect from 1st December.

- During 1999-2000, the company two products, Hepashield and Magnex have been ranked as number one and number two selling brands amongst over 700 brands launched by various companies in last 12 months.

2002

-The operational merger between Pfizer and Parke-Davis has been completed and the legal merger is underway.

-Pfizer Ltd has informed BSE that Mr Michael Sweitzer has been appointed as a Director in the causal vacancy arising out of the resignation of Mr P J Santoriella. Mr K Handa, Executive Director, Finance who was the Alternate Director to Mr P J Santoriella, has now been appointed as an Alternate Director to Mr Michael Sweitzer.

2003

-Pharmacy has agreed to shed an experimental impotence drug to satisfy US antitrust reguators scrutinising the company's pending with Pfizer.

-The Bombay high court has granted an ad-interim stay on the merger of Pfizer and Park-Davis on the basis of an appeal made by minor shareholders.

-Biggest multivitamin brand in the Indian market, Becosules a product of Pfizer Ltd. is expected to Hit 100-cr mark in terms of annual turnover by March 2003.

-Pfizer has initiated the global implementation of 'Clinicopia Labelling and Clinicopia Supply Chain' a part of infoPro's Clinical Trails management suite.

-Pfizer's Chief in India has taken over as the managing Director of Pharmacia Healthcare which is the first step towards their integration.

-Supreme court declines to vacate stay of Bombay High Court on the proposed drug maker Parke-Davis with Pfizer.

-Pfizer with GlaxoSmithkline have lowered their prices of their AIDS drugs for state run AIDS drug assistance programmes in the United states.

-Pfizer has successfully completed the operational integration of Pharmacia with itself.

-Pfizer has opted for Bharat S Raut & Co as the auditors of the company by replacing A F Ferguson and Co.

-The Supreme Court has dismissed the petition filed by the shareholders challenging the merger of Pfizer Ltd and Parke-Davis India Ltd.

-Supreme Court permits Parke-Davis(I) merger with Pfizer,The company will issue equity shares in the ratio of 9:4

-Appointment of Mr Richard Gane as Director on ther Board of the company in place of Mr Charles Sarris.

-The strength of the board of Pfizer is cut to almost half, from 11 to 6.The directors who have stepped down from the board are all representatives of the parent company, Pfizer Inc. They are James S Hilboldt, Dr Michael Walter Hodin, Michael Sweitzer, Benjamin Valentini, Dr Pierre Etienne, Robert Wakefield Norton and Daniel P Cronin. The company has filled the two vacant slots by making executive director (finance) Kewal Handa and executive director (technical operations) B M Gagrat as full-time directors in place of R W Norton and James Hilboldt.

2004

-Pfizer Ltd has informed that it has entered into an Agreement with Sanofi Synthelabo (India) Ltd for co-promotion of its product, Daxid. The agreement is valid for a period of 3 years.

-Pfizer withdraws Gelusil product

-Pfizer subsidiary ties up with Siro Clinpharm

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