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6 Apr 2011

Pfizer To Sell Capsugel Unit for $2.4B

Pharmaceutical giant Pfizer is going to sell its Capsugel division to Kohlberg Kravis Roberts, the private equity firm, for approximately $2.4 billion.

Pfizer announced Monday that it has inked an agreement with private equity firm KKR & Co. to sell its Capsugel unit for approximately $2.4 billion. The sale is expected to close in the second half of this year.

Capsugel’s business includes hard gelatin capsules, liquid, softgel, non-animal and fish gelatin capsules, for use in pharmaceutical products and dietary supplements. The unit had approximately $750 million in revenue last year and manufactured more than 180 billion hard capsules. Capsugel’s global headquarters will remain in NJ.

In October of last year Pfizer announced plans to make additional share repurchases this year beyond its previous plans for $5 billion in buybacks for 2011. Pfizer also faces the loss of exclusivity for it

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