Pfizer to Sell Capsugel to KKR
KKR to acquire the world's leading provider of pharmaceutical and dietary supplement capsules and other innovative drug-delivery systems
The agreement completes Pfizer's previously announced review of strategic options for the Capsugel business
"The transaction is an endorsement of Capsugel's consistent success to date and its potential for future growth with KKR, a firm with deep industry expertise and a long history of partnering with market-leading businesses to take them to the next level," said
Over the past 34 years, KKR has invested in more than 185 transactions with a total value of more than
Pfizer expects to make additional repurchases of its common stock on the open market during 2011 as a result of this transaction, assuming completion this year. Pfizer's repurchases of its common stock funded by Capsugel sale proceeds would be in addition to the previously announced anticipated repurchase of approximately
As a result of this transaction, Pfizer is updating its previous 2011 Reported Revenue guidance range from
Capsugel will maintain a corporate presence in
The transaction is subject to customary closing conditions, including regulatory approval in certain jurisdictions, such as the U.S. and the
Pfizer's financial advisors for the transaction were
Capsugel is the world's leading provider of hard capsules and an innovator in drug delivery systems for the pharmaceutical, OTC and health and nutrition industries. Capsugel offers a comprehensive array of products and services, from hard gelatin, vegetarian and liquid-filled capsules, to innovative R&D equipment and liquid formulations as part of its Licaps® Drug Delivery System.
For more information about Capsugel, visit www.capsugel.com.
Founded in 1976 and led by
At Pfizer, we apply science and our global resources to improve health and well-being at every stage of life. We strive to set the standard for quality, safety and value in the discovery, development and manufacturing of medicines for people and animals. Our diversified global health care portfolio includes human and animal biologic and small- molecule medicines and vaccines, as well as nutritional products and many of the world's best-known consumer products. Every day, Pfizer colleagues work across developed and emerging markets to advance wellness, prevention, treatments and cures that challenge the most feared diseases of our time. Consistent with our responsibility as the world's leading biopharmaceutical company, we also collaborate with health care providers, governments and local communities to support and expand access to reliable, affordable health care around the world. For more than 150 years, Pfizer has worked to make a difference for all who rely on us. To learn more about our commitments, please visit us at www.pfizer.com.
PFIZER DISCLOSURE NOTICE
The information contained in this release is as of
This release contains forward-looking information about an agreement by Pfizer to sell its Capsugel business to KKR; the potential benefits of the transaction, including Capsugel's potential for future growth; and Pfizer's 2011 share-repurchase plans, 2011 financial guidance and 2012 financial targets. Such information involves substantial risks and uncertainties including, among other things, the satisfaction by Pfizer and KKR of the various conditions to closing the agreement, including without limitation the ability to obtain the required regulatory approvals and KKR's ability to obtain the necessary financing to consummate the transaction; and, with regard to Capsugel's future growth potential as well as Pfizer's 2011 share-repurchase plans, 2011 financial guidance and 2012 financial targets, the uncertainties and variables inherent in business operating and financial performance, including, among other things, competitive developments, general economic, political, business, industry, regulatory and market conditions, and the other risks and uncertainties set forth in Pfizer's Annual Report on Form 10-K for the fiscal year ended
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