Company news: Abbott, Pfizer, Bristol-Myers Squibb
Pfizer's move to separate itself from its nutrition business is rumored to be gaining momentum. The drug maker announced its intent to sell- or spin- off its animal health and nutrition businesses in July 2011, and The Wall Street Journal reported Tuesday that Nestle could beat out Danone for the infant nutrition segment with a bid approaching at least $9 billion. Pfizer spokesperson Joan Campion dismissed the media chatter, telling MM&M that they are “based on market rumor and speculation on which we won't comment.” Pfizer stated in its annual report that it expects the fate of its animal and nutrition businesses to be decided this year and completed between July 2012 and July 2013. Insiders tell Bloomberg a winner could be declared next week.
The pharmaceutical industry landed two spots on CR Magazine's list of top corporate citizens. Forbes reported Tuesday that the magazine, which was launched by the American Association for Cancer Research, gave drug maker Bristol-Myers Squibb the No. 1 spot, while Abbott Labs placed 20th out of 100. The companies were graded on environment, climate change, employee relations, human rights, governance, finance and philanthropy.