Novartis (NVS) reportedly made a preliminary offer to buy Pfizer's (PFE) animal-health business...

|By:, SA News Editor

Novartis (NVS) reportedly made a preliminary offer to buy Pfizer's (PFE) animal-health business but was rebuffed. The offer was made within the past month or so and valued the unit as high as $16B. Bayer (BAYRY.PK) also has expressed interest, but PFE may still be leaning toward a spinoff because of the large tax bill and antitrust scrutiny an outright sale would trigger.