Simpson Reps KKR In $2.4B Pfizer Capsule Unit Buy

Law360, New York (April 4, 2011, 11:56 AM EDT) -- Asset manager Kohlberg Kravis Roberts & Co. LP said Monday it would buy Pfizer Inc.'s Capsugel drug delivery unit for $2.4 billion in cash as the pharmaceuticals behemoth conducts a review of operations that could include bigger divestitures to come.

Pfizer said it would use the money to buy back its shares on the open market as it looks "to identify and invest in other opportunities to maximize its value" for shareholders. Pfizer added that the sale would slightly reduce its projected 2011 and 2012 revenue...
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