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Business

Pfizer Sells German Generics Unit

US pharmaceuticals giant Pfizer said Monday it had sold its German generic drugs unit Heumann Pharma to Torrent Pharma GmbH, a subsidiary of the Indian energy and

pharmaceuticals conglomerate Torrent. Financial details were not disclosed, but Heumann Pharma, which is based in Nuremberg, has annual sales of 50 million euros ($60.5

million) and employs a workforce of 164, Pfizer Deutschland said in a statement. Heumann's drug manufacturing plant Heumann PCS in Feucht, outside Nuremberg, which employs a workforce of 430, was not included in the deal, Pfizer noted. The US giant said that generic drugs no longer belonged to Pfizer's core business of developing new, innovative drugs.

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