Pfizer completes sale of consumer health care business
Global drugs giant Pfizer has completed the previously-announced sale of its Pfizer Consumer Healthcare business to Johnson & Johnson for $16.6 billion or about $13.5 billion in after-tax proceeds (Marketletter July 3).
"The proceeds from this sale, combined with our strong operating cash flow, give us the flexibility to invest in the growth of our core pharmaceutical business while enhancing total return to shareholders through dividends and share purchases," said Jeffrey Kindler, Pfizer's chief executive, who has also been appointed as chairman of the group.
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