Pfizer Inc. (NYSE: PFE) announced today that it is reviewing strategic alternatives for Capsugel, which may include a divestiture. Capsugel is a distinct business unit within Pfizer's Diversified Businesses segment and is the world's leading provider of hard capsules and an innovator in drug delivery systems.
"The decision to consider strategic alternatives for Capsugel is part of Pfizer's strategy to optimize its business mix and leverage its competitive strengths to deliver value for shareholders," said Cavan Redmond, senior vice president & group president, Pfizer's Diversified Businesses. "Among Pfizer's robust and broad portfolio, Capsugel now represents a unique business, which we believe has strong potential for growth outside of Pfizer. This, combined with Capsugel's consistent performance as well as improved financial market conditions, make it a good time to undertake this review."
Capsugel is a global leader in creating innovative dosage forms and solutions for the healthcare industry. It has a strong customer base representing a cross-section of leading pharmaceutical, consumer healthcare and dietary supplement companies globally. Through Capsugel's innovative product offerings and customer focus, it generated revenue of $740 million in 2009.
Pfizer has engaged Morgan Stanley to conduct the strategic review process, and expects to make an announcement regarding the results of this review process by the end of the first quarter of 2011.
"The breadth and depth of Pfizer's portfolio are industry leading," said Mr. Redmond. "We remain dedicated to meeting the evolving needs of our customers and patients worldwide in the rapidly changing healthcare market."
Capsugel, a Pfizer Diversified Business, is a global leader in innovative dosage forms and solutions for the healthcare industry. Offering a comprehensive array of products and services, from hard gelatin, liquid-filled, and vegetarian capsules, to innovative R&D equipment and liquid formulations as part of its Licaps® Drug Delivery System, Capsugel is at the forefront of drug delivery innovation providing support to customers from formulation to final production. For more information about Capsugel, visit www.capsugel.com.
At Pfizer, we apply science and our global resources to improve health and well-being at every stage of life. We strive to set the standard for quality, safety and value in the discovery, development and manufacturing of medicines for people and animals. Our diversified global health care portfolio includes human and animal biologic and small molecule medicines and vaccines, as well as nutritional products and many of the world's best-known consumer products. Every day, Pfizer colleagues work across developed and emerging markets to advance wellness, prevention, treatments and cures that challenge the most feared diseases of our time. Consistent with our responsibility as the world's leading biopharmaceutical company, we also collaborate with health care providers, governments and local communities to support and expand access to reliable, affordable health care around the world. For more than 150 years, Pfizer has worked to make a difference for all who rely on us. To learn more about our commitments, please visit us at www.pfizer.com.
SOURCE: Pfizer Inc.