Although the company stressed that it may yet decide to retain the OTC business, which has a portfolio of well known products such as the mouthwash Listerine and the anti-congestant Sudafed, a possible sale has already attracted investor support.
In a statement released by the company, it said that it is conducting the review to “unlock the value of the business for Pfizer shareholders at a time when market valuations are attractive for large, high-quality consumer businesses”.
The move by Pfizer has been widely interpreted as an attempt to generate revenue and cut costs, allowing it to invest in research and development of new products, in the face of listless sales and the impending expiry of patents covering key drugs.
Potential suitors for the business unit may include multidisciplinary healthcare giants such as Johnson & Johnson or Procter & Gamble.