Pfizer plans to open a data room for Glaxo and Reckitt to start due diligence on the assets before submitting final offers in the next few weeks. The unit could fetch $15 billion to $20 billion, people familiar with the matter have said. Representatives for Glaxo and Reckitt declined to comment. A spokesman for J&J confirmed that the company had withdrawn from the bidding process and declined to comment further. Glaxo chief executive officer Emma Walmsley said at a conference in San Francisco last month that the company’s top priority is the pharmaceutical business and that it doesn’t need the Pfizer assets though the unit would be complementary.

Source: Mint February 03, 2018 15:56 UTC