Pfizer Transfers Thane Property to Zoetis for Rs 264.40 Crore Amid Decline in Profits

2 Nov 2023 , 11:03 AM

Pfizer’s shares saw a slight increase in early trading on November 2 due to the transfer of a Thane property to Zoetis Pharmaceutical Research Private Limited for Rs 264.40 crore.

The company obtained approval from its Board of Directors to agree to the assignment and assumption of the lease of Maharashtra Industrial Development Corporation (MIDC) land and the sale of a building on a plot at the Trans Thane Creek Industrial Area along with other structures covering approximately 16,494.33 sq mtrs. This agreement was made with Zoetis Pharmaceutical.

The property transfer is contingent upon receiving approvals from relevant regulatory authorities, including the MIDC. Pfizer reported a 52.1 % year-on-year decrease in profit, totaling Rs 149 crore for the September quarter. Additionally, the company’s revenue decreased by 9.8 % year-on-year, amounting to Rs 575.2 crore.

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