NEW YORK (AFX) -- Pfizer Inc., the No.1 pharmaceutical firm, is expected to receive offers for its consumer-products business from Colgate Palmolive Co. and GlaxoSmithKline Plc in the first rounds of bidding Wednesday, according to a published report.
Pfizer last month said that it planned to sell or spin off its consumer-products business, which includes brands like Purell, Lubriderm and Listerine, as well as over-the-counter drugs such as Rogaine, Benadryl and Sudafed.
Citing people familiar with the matter, the Wall Street Journal reported that Pfizer is looking for a price of about $14 billion for the portfolio.
A Pfizer spokesman said that there is a 'high level of interest' from a 'number of parties.' A decision to sell the business or spin it off is expected in the third quarter, the spokesman added.
Other possible bidders include Swiss drugmaker Novartis AG and Reckitt Benckiser Plc of England, the Journal said.
Pfizer shares closed down fractionally at $25.24. This story was supplied by MarketWatch. For further information see www.marketwatch.com.