Comprising of brands and product portfolio, Pfizer’s nutrition business complements Nestle’s infant nutrition business.
The expanded acquisition enables Nestle to offer children with nutritious food and provide them with healthy life.
Pfizer chief financial officer Frank Amelio said the sale of the company’s nutrition business to Nestle demonstrates its commitment to maximize the value of its businesses and prudently managing capital.
"We remain focused on enhancing shareholder value, and our new $10 billion share repurchase program is now effective upon the completion of the sale and will be utilized over time," Amelio added.
Pfizer said it will continue to operate the business on an interim basis, as the regulatory approval process is still underway in Kenya, South Africa and five Latin American countries.
Morgan Stanley & Co and Centerview Partners acted as financial advisors to Pfizer during the transaction.