Johnson & Johnson has removed itself from the race to buy Pfizer’s consumer health business, leaving GlaxoSmithKline and Reckitt Benckiser among those preparing bids, says Reuters sources.
Potential buyers have until Feb. 1 to submit their non-binding offers for the unit. While Pfizer has not spoken publicly about the details of the sale, inside sources say the drugmaker is looking to fetch no less than $20 billion.
The deal -- which would include products such as Advil painkiller, Centrum multivitamins, Chapstick lip balm, and Robitussin cough medicine -- would be huge for rival drugmaker GSK or consumer goods group Reckitt, launching them into a top global spot in the consumer health business.
Read the Reuters coverage