J&J to Purchase Pfizer Consumer Healthcare for $16.6 Billion

NEW YORK - Pfizer Inc. has reached a definitive agreement with Johnson & Johnson to sell its Pfizer Consumer Healthcare for $16.6 billion in cash.

Pfizer said on June 26 that $16.6 billion would result in approximately $13.5 billion in after-tax proceeds. The agreement, approved by both Pfizer's and J&J's Board of Directors, is expected to close by the end of the year.

"By obtaining excellent value for our consumer business, we have taken another important step to create value for our shareholders while transforming our company," said Pfizer Chairman and CEO Hank McKinnell. "We will now be in …