Pfizer finalises sale of nutrition business to Nestle

Pfizer has completed the sale of its nutrition business to Nestle, a deal worth around $11.85 billion (7.38 million pounds).

The transaction has been closed following the conclusion of the required regulatory process in most markets, with the sale playing a key role in Pfizer's strategy of improving its operational focus and maximising the value of its businesses.

In a number of countries, regulatory reviews are yet to be fully completed, meaning Pfizer will need to continue to operate the business on an interim basis.

Frank D'Amelio, Pfizer's chief financial officer, said: "We remain focused on enhancing shareholder value and our new $10 billion share repurchase programme is now effective upon the completion of the sale and will be utilised over time."

As part of its ongoing strategic review, the company is also moving ahead with plans to spin off its animal health division and create a new standalone company called Zoetis.

A registration statement with the US Securities and Exchange Commission was filed by Pfizer earlier this year for the potential initial public offering of a minority stake in the newly separated business.