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Pfizer's Big Deal Still Elusive as Company to Shed Consumer Unit

  • After failed merger attempts, no transformative M&A yet
  • Shares have trailed industry peers for the past five years
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Pfizer Inc.’s move to offload its consumer-health division could bring in billions of dollars and help the drugmaker streamline operations. Yet the company-changing deal investors have been hoping for may be still to come.

The U.S. drug giant, which abandoned a plan to split in two last year, has tried -- and failed -- to orchestrate hundred-billion-dollar-plus mergers that would have allowed it to move its address overseas to secure a lower tax rate. Now, with tax reform being debated in Congress, Pfizer could consider another large deal to bolster its development pipeline.