Pfizer in talks with P&G on sale of its consumer business, though they are far apart on price: Sources

Published Tue, Apr 3 201811:09 AM EDTUpdated Tue, Apr 3 201811:50 AM EDT

David Faber @DavidFaber

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Key Points

The business includes Chapstick lip balm, Advil pain reliever and Centrum vitamins.
P&G was looking to pay around $15 billion, while Pfizer is said to be seeking $20 billion or more, the sources tell CNBC.

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Pfizer in talks with P&G on consumer business sale

Squawk on the Street

Pfizer is in talks with Procter & Gamble on a sale of its consumer business, sources tell CNBC.

The business includes Chapstick lip balm, Advil pain reliever and Centrum vitamins and has been for sale for months. Drug giants GlaxoSmithKline and Reckitt Benckiser Group as well as Johnson & Johnson have already looked at the business.

P&G remains the one potential bidder, though the two sides are far apart on price, with P&G looking to pay $15 billion, while Pfizer was seeking $20 billion or more, the sources said.

Pfizer is considering other options, including a joint venture with other drug makers. The pharmaceutical giant hopes to reach a decision by the end of the month. It announced a review of the business last year.