Updated from 10:29 a.m. EDT Pfizer ( PFE) says it will make a $136 million tender offer to increase its stake in India-based subsidiary Pfizer Ltd.

If Pfizer Ltd. accepts the offer, Pfizer will increase its stake in the firm to 75% from 41.23%.

Pfizer, which successfully bid for Wyeth ( WYE) earlier this year, said the offer will be made at a premium of 8.6% to Pfizer Ltd.'s closing share price on April 9, 2009. It will also represent a premium of 22.2% over Pfizer Ltd.'s average share price during the 30 days ending April 9, 2009.

Pfizer Ltd. makes and markets in India prescription medicines for people and medicines for animals, according to The Associated Press. The subsidiary also conducts clinical tests of experimental drugs and development of new products, the AP said.

Pfizer, which competes with such firms as Merck ( MRK), Bayer, Novartis ( NVS), was falling 0.7% to $13.46 in recent trading.

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