Pfizer sells Thane land parcel to Zoetis Pharma for ₹264 crore

Pfizer shares were trading marginally higher in the early trade on November 2 as the company transferred Thane property to Zoetis Pharmaceutical Research Private Limited for ₹264.40 crore.

On the Board of Directors' approval, the company entered into an agreement to assign and assume the lease of Maharashtra Industrial Development Corporation(MIDC) land and sale of building constructed on a plot at Trans Thane Creek Industrial Area and other structures having a total built-up area of approximately 16,494.33 sq mtrs to Zoetis Pharmaceutical, Pfizer said in its statement.

The transfer of would be subject to requisite approvals from concerned regulatory authorities, including the MIDC.

The pharma company posted a 52.1 percent year-on-year decline in profit at ₹149 crore for the September quarter. Revenue declined 9.8 percent year-on-year to ₹575.2 crore.