Pfizer Sells Capsugel Pill Unit to KKR for $2.4 Billion
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Pfizer Inc., the world’s biggest drugmaker, agreed to sell its Capsugel manufacturing unit to KKR & Co. for $2.38 billion in an effort to focus on its higher-profit business developing new medicines.
The New York-based company lowered its yearly revenue forecast after backing out Capsugel, a unit that makes wholesale pill casings and had $750 million in sales last year. Pfizer said it will use proceeds from the deal to expand a planned $5 billion share repurchase.