(Updates with closing share prices in seventh paragraph.)
Jan. 11 (Bloomberg) -- Abbott Laboratories isn’t bidding for Pfizer Inc.’s baby and infant nutrition business, a spokeswoman for the drugmaker said.
“We are not participating in the process,” Adelle Infante, a spokeswoman for Abbott Park, Illinois-based Abbott said in an e-mail. Infante wouldn’t say whether the company had previously been involved in the bidding, or whether it might join at some point in the future. The Pfizer unit had $1.87 billion in revenue in 2010.
A sale by New York-based Pfizer, the world’s biggest drugmaker, may fetch as much as $10.5 billion and attract interest from companies including Danone and Nestle SA, people with knowledge of the process said in July. Abbott was also named as expressing interest.
It’s not certain that a sale will happen, or whether Pfizer will shed the unit through some other sort of transaction, such as a spin off. Joan Campion, a spokeswoman for New York-based Pfizer, declined to comment on the company’s activities around the unit, other than to say they were continuing.
“We’re currently pursuing the activities associated with evaluating all options, including sale, spin-off or other transaction. However, no final decisions have been made at this point,” Campion said in an e-mail.
Pfizer’s animal health unit, with $3.58 billion in 2010 revenue, is also being divested as part of Chief Executive Officer Ian Read’s plan to slim the company and focus on creating new drugs.
Abbott shares fell less than a percent to $55.42 at 4 p.m. New York time. Pfizer shares fell less than a percent to $21.90.
--With assistance from Jeffrey McCracken in New York. Editors: Reg Gale, Angela Zimm
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