GlaxoSmithKline and Colgate-Palmolive Co. are among companies expected to submit offers for Pfizer Inc's array of consumer products in first-round bidding Wednesday, reports say.
New York-based Pfizer (Research), the world's largest drug maker, is hoping to fetch about $14 billion for the products, the report said, citing sources familiar with the situation. The products include Bengay pain-relieving cream, Sudafed cold tablets and Listerine mouthwash.
Pfizer, which has steadily sold off parts of its operations to focus on its core drug business, acquired many of the consumer brands in its 2000 merger with rival US drug maker Warner-Lambert Co.
Pfizer said in February it aimed to sell or spin off its consumer products division, which had sales of $3.88 billion last year, reports say.
There was widespread speculation soon after the announcement that bidders could include Glaxo, which has a line of consumer products, and US-based Colgate (Research), which could market Listerine alongside its best-selling line of toothpastes.
Industry analysts said other potential bidders could include Swiss drug manufacturer Novartis AG and Britain's Reckitt Benckiser, which was reported earlier this month to be lining up financing for a bid.