Pfizer Selling Capsugel Unit for $2.38 Billion
April 4, 2011
Reuters reports, Pfizer Inc has struck a deal to sell its Capsugel unit, the world''s largest maker of hard capsules, to private equity firm KKR & Co for nearly $2.38 billion. The deal with KKR comes as Pfizer has indicated it is reviewing possible further divestitures under Ian Read, its new chief executive officer. Pfizer faces the loss later this year of exclusive rights to its huge-selling Lipitor cholesterol drug, which stands to hurt the company''s sales and profits. Capsugel had about $750 million in revenue last year and manufactured more than 180 billion hard capsules.
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