Pfizer Inc has completed the sale of its consumer healthcare business to Johnson & Johnson for $16.6 billion or about $13.5 billion in after-tax proceeds.

"The proceeds from this sale, combined with our strong operating cash flow, give us the flexibility to invest in the growth of our core pharmaceutical business while enhancing total return to shareholders through dividends and share purchases," said Jeffrey B. Kindler, Pfizer chairman and CEO.

"We are committed to pursuing new products and technologies that complement our internal development programs and represent attractive, strategic opportunities to grow and to meet unmet medical needs," said David Shedlarz, Pfizer vice chairman.

"We thank the colleagues of Pfizer Consumer Healthcare for their many contributions to Pfizer over the years," said Kindler. "We appreciate their commitment and dedication, especially as we reviewed strategic options for this business, culminating in today's closing. We wish them continued success in the future."

According to a company press release, Pfizer is launching an on-line site information regarding its research and development pipeline for investors, the scientific and medical communities.

The new site will provides details of its largest-ever pipeline and innovative research in cancer, heart disease, diabetes, neurological and infectious diseases, and many other disease areas.