Pfizer has entered an agreement with private equity firm KKR & Co. to sell its Capsugel unit for approximately $2.4 billion. The sale is expected to close in 3Q11.

Capsugel’s business includes hard gelatin capsules, liquid, softgel, non-animal and fish gelatin capsules, for use in pharmaceutical products and dietary supplements. The unit had approximately $750 million in revenue last year and manufactured more than 180 billion hard capsules. Capsugel’s global headquarters will remain in NJ.

In October of last year Pfizer announced plans to make additional share repurchases this year beyond its previous plans for $5 billion in buybacks for 2011. Pfizer also faces the loss of exclusivity for its top-selling drug Lipitor later this year.

For 2011, Pfizer projects a revenue drop of approximately $800 million as a result of the sales, with total revenues falling to a range of $65.2 billion to $67.2 billion, from $66 billion to $68.0 billion previously. It expects 2012 revenue of $62.2 billion to $64.7 billion, down from $63.0 billion to $65.5 billion previously.