Pfizer Reportedly In Talks With P&G On Consumer Business Sale

(RTTNews) - Pfizer Inc. (PFE) is in talks with Procter & Gamble (PG) on a sale of its consumer business, CNBC reported.

The business includes Chapstick lip balm, Advil pain reliever and Centrum vitamins and has been for sale for months. Drug giants GlaxoSmithKline and Reckitt Benckiser Group as well as Johnson & Johnson have already looked at the business.

P&G remains the one potential bidder, though the two sides are far apart on price, with P&G looking to pay $15 billion, while Pfizer was seeking $20 billion or more, the report said.

The report noted that Pfizer is considering other options, including a joint venture with other drug makers. The pharmaceutical giant hopes to reach a decision by the end of the month.