Pfizer to begin auction of consumer health division next month

Following the recent revelation that Pfizer was considering the spin-out of its consumer health division, it has now emerged that the pharma giant is planning to launch an auction process to secure its sale and the $15 billion-plus it is looking for for the unit.

Pfizer announced it was weighing up its strategic options for the business unit on 10 October, and CEO Emma Walmsley this week said she would be "carefully" assessing these options. To this end, the drug maker has been reported to have already engaged in discussions with prospective buyer Reckitt Benckiser.

The unit deals with well-known brands such as painkiller Advil and lip balm Chapstick generated $3.4 billion in sales last year, attracting a list of other interested buyers including GlaxoSmithKline, Johnson & Johnson, Sanofi, Proctor & Gamble and Nestle.

According to reports, Pfizer plans to push through progress in the area by the end of the year, and will send out financial information to interested parties in the next three weeks. It is expected that the unit could be sold by the middle of next year.