Pfizer Inc. is exploring the sale of a group of treatments in cardiology, urology and primary care in order to raise cash and streamline its portfolio, as reported by Bloomberg.
Reportedly, the drugs are said to have sales of more than $700 million, and sellers could pay more than $2 billion for the portfolio. Pfizer is reportedly working with financial advisers at JPMorgan Chase & Co., which is at a preliminary stage.
The drugs generate sales of more than $700 million and could fetch more than $2 billion from a buyer, the people said, asking not to be identified because the deliberations are private. Pfizer is working with financial advisers at JPMorgan Chase & Co. on the process.
Another Bloomberg article also mentioned Pfizer’s expressed desire to look for acquisitions, regardless of size, as long they created value for shareholders.
After posting fourth-quarter earnings and a forecast that were short of analysts’ estimates, New York-based Pfizer said it would continue to pursue deals, regardless of their size, as long as they create shareholder value. Changes in the U.S. tax code may be coming that would make deals cheaper, but the company won’t wait for them to deploy its cash, executives said.
“Some deals that previously were not affordable might now be affordable,” Chief Executive Officer Ian Read said on a conference call with analysts.