J&J ACQUIRES PFIZER CONSUMER HEALTHCARE DIVISION

Johnson & Johnson (J&J) is acquiring Pfizer's consumer healthcare division for $16.6 billion.

The deal allows J&J to expand beyond its device and diagnostics and drug divisions, and gives the company rights to Pfizer's over-the-counter products.

The company is aiming to balance its programs between its device and drug businesses, at 35 and 40 percent, respectively, with a consumer healthcare business at 25 percent.