Pwc Advising Pfizer On Sell-Off
Pwc Advising Pfizer On Sell-Off [Newcastle Journal (England)]
From Newcastle Journal (England) (January 25, 2011)
IN May 2010 Pfizer Inc (Pfizer), the world’s largest research- based biomedical and pharmaceutical company, appointed PwC’s UK corporate finance team as primary financial adviser on its global divestment programme.
This followed an extensive global manufacturing network review following its acquisition of Wyeth Inc in October 2009.
This was a fantastic win for PwC and demonstrated the ability of the North East corporate finance team to manage global mandates alongside its regionally focused north east deals This iconic Pfizer mandate was underpinned by the relationship and reputation that PwC had built up with Pfizer over the past four years.
The PwC team, led by Paul Mankin, first worked with Pfizer on the sale of its Morpeth factory in 2006. Since then, Pfizer has appointed Paul and his team to lead on six further projects all over the world including the US, Ireland, Italy and Germany.
During this time the PwC team has drawn on the extensive sector expertise from its experienced pharmaceutical team and its global PwC network enabling it to provide local expertise to Pfizer on these global transactions.
PwC has already commenced work under this new mandate on a total of seven divestments in the US and Europe. As part of this mandate Amit Bhalla, assistant director in corporate finance in Newcastle, began a nine-month secondment to the US in September last year.
Amit, who has already worked on a number of Pfizer disposals, is currently based in New York and in addition to coordinating the Pfizer divestment programme is working hard to develop relationships with US corporates. To this end Amit was required to register as a Broker-Dealer under US federal security regulations.
Posted: January 2011