Pfizer in talks with P&G for consumer health unit sale: CNBC

(Reuters) – Pfizer Inc is in talks with Procter & Gamble Co for a sale of the largest U.S. drugmaker’s consumer health business, CNBC reported on Tuesday, citing sources.

The Pfizer logo is seen at their world headquarters in Manhattan, New York, U.S., August 1, 2016. REUTERS/Andrew Kelly

The companies were far apart on a price for the business and Pfizer is considering other options, including a joint venture with other drugmakers, the report said.

Pfizer said it is evaluating potential strategic options for the unit and expects to make a decision in 2018.

GlaxoSmithKline, Reckitt Benckiser and Johnson & Johnson have all exited from the bidding process, endangering an auction Pfizer hoped would bring in as much as $20 billion

P&G said it declined to comment.

Reporting by Manas Mishra in Bengaluru; Editing by Sriraj Kalluvila

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