The board of Pfizer will meet on June 27 to consider the amalgamation of Parke-Davis India with the company. This will open the windows for the legal merger of the two pharmaceutical firms after the two have completed the operational merger some time ago.
The board of Parke-Davis India is also meeting on June 27 to consider a proposal for an amalgamation, the company informed the Bombay Stock Exchange here on Monday.
Both companies are affiliates of the US-based drugmaker Pfizer Inc, after Warner Lambert, Parke-Davis' major shareholder, merged with Pfizer worldwide to make the new Pfizer.
Globally Pfizer has merged with Warner Lambert, of which Parke-Davis is a subsidiary. However, in India Parke-Davis has a wholly-owned subsidiary in Warner Lambert.
Following the merger it will emerge as the fourth largest pharmaceuticals company in India with a turnover exceeding Rs 600 crore and a combined sales force of over 1,200 medical representatives.
While the integration of the field force was done some time ago, top level integration of the management has been completed now. Out of Parke Davis' total 429 medical service representatives, over 320 have been taken in employment at the Pfizer. The rest of the representatives have opted for separation under a voluntary retirement scheme.
Recently, Pfizer has implemented an organisational restructuring by eliminating some senior posts and adding new ones ahead of the proposed merger with Parke-Davis India. As per the structure, which will be applicable to the merged entity after completing the legal merger, there will be three new executive directors and five senior directors.
As per the integration strategy, a number of specific projects were identified in each of key functional areas like distribution integration and network rationalisation, order processing, infotech network, finance and treasury management systems and human resource policies.
