Pfizer to sell Capsugel to KKR

PEAPACK, N.J. — Pfizer will sell its Capsugel business to Kohlberg Kravis Roberts & Co. for nearly $2.4 billion, the drug maker said Monday.

Capsugel, which develops hard capsules and drug-delivery systems, generated about $750 million in sales last year. The company will maintain its New Jersey headquarters after the sale is complete.

“This transaction is an endorsement of Capsugel’s consistent success to date and its potential for future growth with KKR, a firm with deep industry expertise and a long history of partnering with market-leading businesses to take them to the next level,” Capsugel president and general manager Guido Driesen said. “Capsugel’s employees and I are excited to work with KKR and eager to enhance the value of our business in partnership with our customers.”