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India's Pfizer to buy AstraZeneca's gastrointestinal drug brand

Pfizer Ltd. agreed to acquire the Neksium brand in India from AstraZeneca PLC's Swedish unit AstraZeneca AB for 750 million Indian rupees.

India-based Pfizer said the acquisition of the brand will complement its existing product portfolio in the gastrointestinal therapeutic area.

The closing of the transaction is subject to customary closing conditions.