SmithKline Beecham Sells Animal Health To Pfizer

28 November 1994

SmithKline Beecham is to divest its global animal health business for $1.45 billion to US pharmaceutical company Pfizer. SB is focussing its business in human health care, having recently made two key acquisitions: Diversified Pharmaceutical Services, a pharmacy benefit manager in the USA, and the over-the-counter medicines business of Sterling Winthrop (Marketletters passim).

"SmithKline Beecham's goal is to become the world leader in human health care, and the sale today of our animal health business is another significant step towards that objective. This transaction strengthens our balance sheet by reducing debt and allows us to focus our efforts on the diagnosis, prevention, treatment and cure of human disease to improve the quality and delivery of health care for people everywhere," said Jan Leschly, SB's chief executive.

Pfizer's chairman and chief executive said that the company is looking to make acquisitions in all of its core businesses. The deal puts Pfizer in first position in the ranking for the animal health industry.

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