Reckitt abandons auction for $20B Pfizer unit

Pharmaceuticals | New York, NY

Reckitt Benckiser has dropped out of the auction for the consumer healthcare business of Pfizer, with Reuters reporting the company's departure has left rival GlaxoSmithKline in the lead to acquire a business that Pfizer thinks is worth up to $20 billion. Reckitt reportedly bid only for part of the unit, hoping to land the painkiller Advil. Shares of Reckitt (LON: RB) gained 5% Thursday.