Mumbai: Ranga Iyer, managing director of the Mumbai-listed Wyeth Ltd, resigned on Monday after a board restructuring at the Indian arm of US drug maker Wyeth.
Pfizer Inc., the world’s largest drug maker, bought Wyeth in January in a $68 billion (around Rs3.2 trillion) global deal. Kewal Handa, managing director of Pfizer Ltd, the India unit of the US firm, was inducted into Wyeth’s board as additional director on Monday and appointed Iyer’s successor.
Moving on: Ranga Iyer, 56, who spent 29 years with Wyeth, says he hasn’t yet decided his next move. Ashesh Shah/Mint
However, Pfizer and Wyeth will continue to operate separately in India, a Pfizer spokesperson said in an emailed response on Monday.
“I haven’t yet decided my next move,” said Iyer, 56, who spent 29 years with the firm and is vice-president of the Organisation of Pharmaceutical Producers of India, an industry body that represents foreign drug makers in India.
Wyeth’s shares on Monday declined 1.31% on the Bombay Stock Exchange to close at Rs745 each. The exchange’s benchmark Sensex index closed 0.42% down at 16,740.50 points. Wyeth holds a 57.15% stake in its Indian unit. Wyeth is the sixth largest pharmaceutical multinational firm in India by sales, with a revenue of Rs404 crore in the fiscal year ended 31 March.