Carat Loses $400m Pfizer Business

28 November 2006

NEW JERSEY: Johnson & Johnson's $16.6 billion (€13.2bn; £9.1bn) deal to buy the consumer product unit of US pharma giant Pfizer has resulted in media agency Carat waving goodbye to the latter's North American $400 million-plus buying and planning business.

The assignments will go to J&J incumbents, which include Interpublic Group's Universal McCann and Omnicom Group's OMD. However, details of the split are not forthcoming from J&J.

Pfizer is selling brands such as Listerine - the jewel in its adspend crown - and Nicorette to focus on prescription drugs, its most profitable business line.

J&J is reported to be planning a review of its global media account, worth between $2.5bn and $3bn, next year but is coy about details. Comments a spokesman opaquely: "As usual, post-close, we'll work with our brands and agencies to evaluate our needs for the longer term."

Data sourced from AdAge (USA); additional content by WARC staff