The Swiss food giant Nestlé has agreed to acquire the US-based Pfizer Nutrition for $11.85bn, in a bid to enhance its global infant nutrition business.

Pfizer Nutrition, formerly Wyeth Nutrition, is a developer of nutritional products that are scientifically designed to help meet the needs of infants and young children, as well as pregnant and lactating mothers.

The deal will help Nestlé boost sales in emerging markets, where Pfizer Nutrition derives 85 per cent of its sales. Nestlé estimates Pfizer Nutrition’s 2012 sales at $2.4bn.

Paul Bulcke, CEO of Nestlé, said:

Infant nutrition has been at the heart of our company since it was founded in 1866. Pfizer Nutrition is an excellent strategic fit and this acquisition underlines our commitment to be the world’s leading nutrition, health and wellness company. Its strong brands and product portfolio, its talented people dedicated to the success of its business, together with its geographic presence . . . will complement our existing infant nutrition business perfectly.

Pfizer Nutrition will be able to combine well-known brands such as S-26 Gold, SMA and Promil with Nestlé’s existing portfolio of successful brands such as Nan, Gerber, Lactogen, Nestogen and Cerelac.

The transaction is subject to regulatory approval.