Pfizer declares sale of Capsugel complete

Pfizer has confirmed that its Capsugel business now belongs to an affiliate of Kohlberg Kravis Roberts & Co (KKR).

As initially announced in April this year, KKR has acquired the provider of pharmaceutical and dietary supplement capsules for $2.375 billion (1.459 billion pounds) in cash.

In a statement, Pfizer said the transaction was completed following the receipt of regulatory clearances in the US and the European Union.

Capsugel, which employs more than 300 engineers and 50 scientists, is viewed as a world leader in drug delivery systems and generated revenues of approximately $750 million (460.9 million pounds) in 2010.

Speaking earlier this year, the company's president and general manager Guido Driesen described the deal between Pfizer and KKR as "an endorsement of Capsugel's consistent success to date and its potential for future growth".

He added: "Capsugel's employees and I are excited to work with KKR and eager to enhance the value of our business."