Pfizer Sells Drug-Delivery Innovator to KKR
Global investment firm Kohlberg Kravis Roberts & Co. (NYSE: KKR) will purchase Pfizer’s Capsugel unit for $2.375 billion in cash, according to a statement from Pfizer (NYSE: PFE). Capsugel, which manufactures hard capsules and other drug-delivery systems, generated $750 million in sales last year, making it the world’s leading capsule maker, Pfizer says. The Peapack, NJ-based Capsugel has invented several capsules that can deliver a wide range of doses and formulations of drugs and nutritional supplements. “Capsugel has an excellent portfolio and outstanding reputation for providing high-quality, innovative drug-delivery solutions,” said Henry Kravis and George Roberts, co-founders and co-CEOs of KKR, in the statement.