Pfizer May Sell Pharmacia Diagnostics Unit - TheStreet

Pfizer May Sell Pharmacia Diagnostics Unit

The division was bought in the April acquisition of Pharmacia.
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Pfizer

(PFE) - Get Report

said it is exploring strategic options for its recently acquired Pharmacia Diagnostics business, including the possible sale of the division.

Pharmacia Diagnostics became a part of Pfizer in April, with Pfizer's $60 billion acquisition of Pharmacia.

"The Pharmacia Diagnostics business is a successful and growing business, with an outstanding reputation and strong position in its industry," Pfizer said in a press release. "However, this business is not aligned with Pfizer's strategic focus on our three core businesses of human pharmaceuticals, consumer healthcare, and animal health."

Headquartered in Uppsala, Sweden, the Pharmacia Diagnostics business had 2002 sales of about $220 million. Pharmacia Diagnostics conducts business in roughly 60 countries and has around 1,100 employees worldwide.

Shares of Pfizer were losing 38 cents, or 1%, to $33.77 in recent

New York Stock Exchange

trading.

Pfizer has hired Lazard to assist the company while it considers its options.