Pfizer Inc. (NYSE: PFE) announced that it has completed the sale of its Nutrition business to Nestlé for $11.85 billion in cash, following the conclusion of the required regulatory process in most markets. In certain countries where completion will be delayed due to ongoing regulatory review, Pfizer will continue to operate the business on an interim basis.
“The completion of the sale of the Nutrition business to Nestlé demonstrates our commitment to maximizing the value of our businesses and prudently managing capital,” stated Frank D’Amelio, Pfizer chief financial officer. “We remain focused on enhancing shareholder value, and our new $10 billion share repurchase program is now effective upon the completion of the sale and will be utilized over time.”
Pfizer’s financial advisors for the transaction were Morgan Stanley & Co. LLC and Centerview Partners LLC. Pfizer Legal Alliance (PLA) firms Skadden, Arps, Slate, Meagher & Flom LLP, Clifford Chance LLP and DLA Piper LLP acted as legal counsel for Pfizer. The PLA is a collaborative partnership between Pfizer and 19 law firms.