J&J; Reportedly to Buy Pfizer Unit

Healthcare products maker Johnson & Johnson was reportedly nearing a deal Sunday to purchase Pfizer Inc.’s consumer products unit that includes Listerine and Sudafed, a move that would cost more than $16 billion.

The New York Times reported on its website Sunday evening that an announcement was expected Sunday night or today.

According to the Times, which attributed its report to anonymous sources involved in the deal, several bidders vied for the unit, which was put up for sale in February.

Analysts had predicted a $14-billion sale price, and GlaxoSmithKline was the original favorite.

New York-based Pfizer pursued the sale of the unit because it reportedly wanted to focus on its core, more profitable business of prescription drugs.

Representatives of Pfizer and Johnson & Johnson, which is based in New Brunswick, N.J., were unavailable or declined to comment.

Pfizer hopes to bolster its stock price through the sale, a move analysts said would please Wall Street.