Pfizer To Sell Capsugel Unit To KKR For $2.38 billion

Pfizer Inc PFE agreed to sell its Capsugel unit to private equity firm KKR & Co KKR for around $2.38 billion. As a result of the sale of its Capsugel unit, Pfizer slightly reduced its revenue projections for this year and next year. PFE now projects its FY11 revenue of $65.2 billion to $67.2 billion versus $66 billion to $68 billion. PFE projects its FY12 revenue of $62.2 billion to $64.7 billion, versus earlier projection of $63 billion to $65.5 billion. However, analysts expected FY11 revenue of $66.95 billion and FY12 revenue of $63.1 billion. PFE shares gained 0.83% to $20.55 in pre-market trading, while KKR shares gained 3.05% to close at $16.91 on Friday. Read more from Benzinga's Company news.