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UPDATE: Pfizer Lower; Sells Nutrition Business to Nestle for $11.85 Bln

By Midnight Trader,  April 23, 2012, 10:07:21 AM EDT

Pfizer ( PFE ) is down 0.3% to $22.49 but above a day low $22.33 after the company earlier said that it has sold its Nutrition business to Nestle for $11.85 billion in cash.

The Nutrition business has a portfolio of products that include everyday and specialty infant and toddler formulas, follow-on formulas, and maternal and adult nutrition products.

The company will update its Q1 results to reflect the divestiture. PFE also expects to present all revenues and expenses related to the Nutrition business as discontinued operations, net of tax, on a retroactive basis beginning with Q2.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks: PFE



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