FDBusiness.com

Pharmaceutical giant Pfizer is reported to be close to selling its $1.9 billion annual turnover infant nutrition business to Nestle for between $9 billion and $10 billion. With roughly 80% of its sales generated in high growth emerging markets and 60% in Asia, Pfizer’s infant nutrition business is an attractive acquisition target for the other major players within the infant formula industry. Asia accounts for about 45% of the world milk formula market and the region also accounts for over half of the births in the world.

Nestle is believed to have beaten rivals Danone and Mead Johnson to the prize.