Pfizer in talks with P&G for consumer health unit sale: CNBC

The Pfizer logo is seen at their world headquarters in Manhattan, New York, U.S., August 1, 2016. REUTERS/Andrew Kelly

(Reuters) - Pfizer Inc is in talks with Procter & Gamble Co for a sale of the largest U.S. drugmaker’s consumer health business, CNBC reported on Tuesday, citing sources.

The companies were far apart on a price for the business and Pfizer is considering other options, including a joint venture with other drugmakers, the report said.

Pfizer said it is evaluating potential strategic options for the unit and expects to make a decision in 2018.

GlaxoSmithKline, Reckitt Benckiser and Johnson & Johnson have all exited from the bidding process, endangering an auction Pfizer hoped would bring in as much as $20 billion

P&G said it declined to comment.

Reporting by Manas Mishra in Bengaluru; Editing by Sriraj Kalluvila