Deals
Pfizer Narrows Unit Sale Review to Animal Health, Baby Food
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Pfizer Inc., the world’s biggest drugmaker, narrowed its plans to sell or spin off businesses, saying today it would divest only the Animal Health and Baby Food units, with combined annual sales of $5.5 billion.
The company’s shares fell 2.7 percent, as Pfizer said it will keep the larger established products and consumer health units within the parent company. Those businesses had revenue of $12.9 billion last year. Investors have been pressing Chief Executive Officer Ian Read to slim the drugmaker and focus on developing new medicines.