Pfizer Selling Animal and Health Care Division

Financial News Network
July 07, 2011 AT 11:21 PM
Pharmaceutical company, Pfizer Inc. announced early Thursday that it plans to sell their animal health care and nutritional products. The unit of animal health had a 2010 revenue of about $3.6 billion while the nutrition division took a revenue around $1.7 billion.According to Pfizer, they hired J.P. Morgan (NYSE:JPM) to examine the options of the animal-health unit while Morgan Stanley (NYSE: MS) and Centerview Partners will be searching for buyers for the nutrition side.Pfizer (NYSE:PFE) has a potential upside of 13.4% based on a current price of $20.78 and an average consensus analyst price target of $23.57.