Pfizer Ltd, the Indian unit of US drug maker Pfizer Inc, is to take over local affiliate Wyeth Ltd, they said Saturday after their boards approved the deal.

Shareholders of Wyeth will get seven Pfizer Ltd shares for every 10 shares held, requiring the issue of approximately 15.9 million new Wyeth shares, it said.

Wyeth Ltd has a market capitalization of about $294 million and is already 51.12 percent owned by Pfizer Inc, which in turn owns 63.57 percent of Pfizer Ltd, which has a market capitalization of $681 million.

Apart from the Indian business, Pfizer Inc bought rival Wyeth in 2009, leaving their Indian units with separate stock market listings.