PEAPACK, New Jersey ( TheStreet) -- Pfizer ( PFE) said Monday it agreed to sell its Capsugel business for $2.375 billion in cash to Kohlberg Kravis Roberts ( KKR).

Pfizer, in a statement Monday, said its Capsugel business had 2010 revenue of $750 million and manufactured more than 180 billion hard capsules during the year, making Capsugel the world leader in hard capsules.

As a result of the deal, Pfizer said it updated its expected 2011 reported revenue range to $65.2 billion to $67.2 billion from $66 billion to $68 billion. The company also said it now expects 2012 revenue of $62.2 billion to $64.7 billion from a previous forecast of $63 billion to $65.2 billion.

-- Written by Joseph Woelfel

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