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GlaxoSmithKline has pulled out of the auction for Pfizer's consumer healthcare business, which includes such products as Advil, ChapStick, Nexium and Robitussin. When Pfizer put the unit up for sale last fall, it had been expecting bids of between $15 billion and $20 billion.
Bottom line: That’s now three large drug companies that have dropped out, including Reckitt Benckiser just yesterday, even though Pfizer’s over-the-counter products are profitable. With all the tax reform cash these companies have, you have to wonder if they want to pursue something bigger.