Pfizer said it expects the deal to close during the third quarter, assuming regulators in the U.S., European Union, and other markets approve. The New York drugmaker said Capsugel had about $750 million in revenue in 2010, and it cut its 2011 and 2012 revenue forecasts to reflect the sale.
Analysts expected Pfizer to report $67.15 billion in revenue this year and $63.38 billion in 2012, according to estimates compiled by FactSet.
Pfizer had planned to buy back $5 billion in stock in 2011, not including additional repurchases funded by the Capsugel sale.
Capsugel, based in New Jersey, made 180 billion hard capsules in 2010. Pfizer said Capsugel's corporate headquarters will remain in New Jersey after the sale to KKR, which is based in New York. The business has about 2,800 employees around the world.
Shares of Pfizer, the world’s largest drugmaker, rose 15 cents to $20.53 in premarket trading.
Only last month, Pfizer completed a $3.6 billion acquisition of King Pharmaceuticals.