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news.In a bid to bolster its household presence, healthcare conglomerate Johnson & Johnson (J&J) is ready to close a deal to buy Pfizer's consumer products unit, The New York Times has reported.
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Citing unnamed sources close to the deal, the newspaper revealed that the deal could be announced today after a J&J official said the company planned to hold an investor conference before the New York Stock Exchange opened for trading.
The deal would considerably boost the size of J&J's consumer unit range, the smallest of its three main divisions, adding well-known brands such as Listerine and Sudafed to its current portfolio, which includes the Neutrogena and Johnson's range.
Pfizer revealed its intentions back in February of a possible divestment of its consumer health products, which accounts for about 8% of the company's revenues and 4% of its operating profit, the newspaper reported.