{"id":368273,"date":"2011-04-05T05:00:00","date_gmt":"2011-04-05T05:00:00","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/04\/05\/pfizer-selling-capsugel-to-kkr-for-2-38bn\/"},"modified":"2011-04-05T05:00:00","modified_gmt":"2011-04-05T05:00:00","slug":"pfizer-selling-capsugel-to-kkr-for-2-38bn","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/04\/05\/pfizer-selling-capsugel-to-kkr-for-2-38bn\/","title":{"rendered":"Pfizer selling Capsugel to KKR for $2.38bn"},"content":{"rendered":"
\n

NEW YORK: Pfizer Incorporated said it struck a deal to sell its Capsugel unit, the world\u2018s largest maker of hard capsules, to private equity firm, KKR and Company for nearly $2.38bn, Reuters reported on Monday.<\/p>\n

Pfizer, which said in October it was exploring the sale of Capsugel, said it expects to make additional share repurchases this year as a result of the deal, beyond its previous plans for $5bn in buybacks for 2011.<\/p>\n

Pfizer shares rose by 22 cents, or 1.1 per cent, to $20.60 in premarket trading on Monday.<\/p>\n

The deal with KKR comes as the world\u2018s largest drugmaker has indicated it is reviewing possible further divestitures under Ian Read, its new chief executive officer. <\/p>\n

Pfizer\u2018s initial decision to explore options for Capsugel came a few months before Read was named Chief Executive Officer.<\/p>\n

\u201dThey\u2018re looking at ways to make the company smaller,\u201d said Jon LeCroy, an analyst with Hapoalim Securities. \u201dThe key for any company obviously is getting back to growth, and Pfizer is so big, it\u2018s almost impossible for them to do that.\u201d<\/p>\n

Pfizer faces the loss later this year of exclusive rights to its huge-selling Lipitor cholesterol drug, which stands to hurt the company\u2018s sales and profits.<\/p>\n

Capsugel had about $750m in revenue last year and manufactured more than 180 billion hard capsules.<\/p>\n

The deal price amounted to a \u201dreasonable multiple\u201d for a stable, low-growth business, according to JP Morgan pharmaceuticals analyst, Chris Schott.<\/p>\n

Financing for the deal is being led by UBS, Barclays and Deutsche Bank, said a source familiar with the situation. It was not immediately clear how much of the purchase price is being funded by debt and how much by equity.<\/p>\n

In addition to hard gelatin capsules, Capsugel\u2018s business includes liquid, softgel, non-animal and fish gelatin capsules, for use in pharmaceutical products and dietary supplements.<\/p>\n<\/div>\n<\/p>\n

Taken from:
\nPfizer selling Capsugel to KKR for $2.38bn<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

NEW YORK: Pfizer Incorporated said it struck a deal to sell its Capsugel unit, the world\u2018s largest maker of hard capsules, to private equity firm, KKR and Company for nearly $2.38bn, Reuters reported on Monday. 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