Tiger Brands Limited -
Tiger Brands Limited
Share code : TIIH
ISIN : ZAE000023560
Pfizer South Africa to Sell Parke-Med Business to Tiger Brands Ltd."s
Healthcare subsidiary, Adcock Ingram.
Johannesburg, South Africa, 16 May 2003 - Pfizer South Africa and Tiger Brands
Ltd. today announced an agreement for the sale of the Parke-Med generic business
to its healthcare subsidiary, Adcock Ingram. The deal is subject to the
approval of South African competition authorities.
The sale includes registrations and trademarks for a line of generic
pharmaceuticals, including flagship generics like Zetomax and Zildem
(cardiovascular) and Glucomed for diabetes.
"Parke-Med has earned a solid reputation with health professionals through its
impressive product range, especially in the cardio-vascular and anti-depressant
categories," said Nick Dennis, Chief Executive Officer, Tiger Brands. "This
acquisition will complement Adcock Ingram"s existing generic business and help
accelerate top-line growth in a fast-growing market."
This transaction will not have a material effect on Pfizer Inc or Tiger Brand
Ltd."s results.
"The sale of the Parke-Med generics business in South Africa is consistent with
Pfizer"s global strategy of focusing on our core business of discovering,
developing and marketing innovative new medicines," said John Kearney, Country
Manager, Pfizer South Africa. "Pfizer remains committed to the South African
market as illustrated by our large corporate presence, production facility,
clinical research activities and local workforce of 790 people."
Tiger Brands Limited is a branded food and healthcare company that operates in
emerging markets and provides investors with the opportunity to participate in a
balanced spread of African and selected international operations. The shares are
listed on the JSE Securities Exchange South Africa and the London Stock
Exchange.
Pfizer Inc discovers, develops, manufactures and markets leading prescription
medicines, for humans and animals, and many of the world"s best known consumer
products.
Ends
For further information, contact:
Tanya-Lisa Elston Maureen Stewart
Pfizer South Africa Adcock Ingram
Tel: (011) 320-6151 Tel: (011) 709-9488
Cell: (Insert #) Cell: (082) 570-5058
Email: Tanya.Elston@Pfizer.com Email: mstewart@adcock.co.za
Date: 16/05/2003 04:07:07 PM Supplied by www.sharenet.co.za
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