Prescription drugs major Pfizer India has decided to sell its Protinex food supplement business in India to East Asiatic Company of Denmark for $7 million.
Globally, the US-based parent Pfizer Inc has in-principle agreed to sell the brand to East Asiatic Company. However, the Indian subsidiary will enter into a separate agreement with the foreign firm, Pfizer executives said.
As per the final agreement, which will be signed shortly, Pfizer India will continue to make the Protinex brand in the country for the next three years under a revenue sharing and manufacturing arrangement. Besides, there will also be a co-promotion pact as well with the Danish company.
