Nestlé, Danone, Abbott Laboratories and Heinz remain in the running to purchase the $1.87bn nutrition division of Pfizer, its CEO Ian Read confirmed yesterday.
“It is on track and we are happy with the way it is going,” Bloomberg reported Read saying at the JP Morgan Healthcare Conference in San Francisco.
Pfizer is focusing on developing new drugs as its blockbuster items like cholesterol-buster, Lipitor, come off-patent and face generic competition for the first time.
The drug giant's nutrition unit trades in vitamins and minerals and infant formula products, and it has also put its $3.56bn animal nutrition unit on the market.
Pfizer said it expects the transactions to be completed between the middle of 2012 and mid-2013.