Pfizer sells nutrition business to Nestlé
NEW YORK — Pfizer is selling its nutrition business to Nestlé for $11.85 billion, Pfizer said Monday.
Pfizer Nutrition, which had sales of about $2.1 billion in 2011, manufactures and markets nutrition products for children, including baby and toddler formulas, follow-on formulas and maternal and adult nutrition products.
"The transaction is a testament to the success of the nutrition business, including its excellent reputation, talented colleagues, high-quality products and market reach," Pfizer EVP, general counsel and president and general manager of Pfizer Nutrition Amy Schulman said. "The combination of Nestlé and Pfizer's nutrition business, with its leading position in emerging markets, portfolio and science, will continue to serve the needs of formula-fed infants and their healthcare professionals and caregivers."