Mumbai, June 27 :    Mumbai, June 27:  The boards of Parke Davis (India) and Pfizer India Ltd today arrived at a swap ratio of 9:4 for the merger of the two. This means the shareholders of Parke Davis (India) Ltd will receive four shares in Pfizer Ltd for every nine shares held by them in the company. The merger will create the fourth largest pharmaceutical company in the country with a combined turnover of Rs 701.5 crore based on November 2001 audited results, with an estimated market share of 3.74 per cent. The merger will be effective from December 1 2001, subject to statutory requirements. 'The legal merger is the culmination of the operational integration which began in 2001. The new Pfizer will capture the combined strengths of the two companies that have very similar values. The combined entity will also provide us with the critical mass to build on our success of recent years and deliver on aggressive sales and earnings going forward,' said Hocine Sidi Said, managing director, Pfizer & Parke-Davis Ltd. He added that savings from the combined entity for the current financial year will be around Rs 5 crore. The companies appointed valuers S.B. Billimoria & Co (represented by Y. H. Malegam and his team) and N. M. Raiji &Co (represented by Arun Gandhi and his team) to recommend a swap ratio and merchant banker Ambit Corporate Finance Pte Ltd to provide strategic advice. The world-wide merger of Pfizer Inc and Warner Lambert in the year 2000 resulted in the creation of the largest global pharmaceutical company. Pfizer Inc develops, manufactures and markets leading prescription medicines for humans and animals, besides making many of the world's best-known consumer products. In the merged entity, Pfizer Inc through its subsidiaries will continue to hold 40 per cent. The merger is largely expected to bring in wide synergies. It is believed that Pfizer India with its superior distribution reach will now be in a position to better market some of the key products of Parke Davis India. Of the two, Pfizer has a presence in pharmaceuticals and animal health. While pharma accounted for revenues of Rs 336.74 crore for the year ended November 30, 2001, the contribution of animal health was Rs 61 crore. Inclusive of clinical development operations, the total turnover of the company during the previous year was to the tune of Rs 410.32 crore.