Reckitt Benckiser (LON:RB) has pulled out of takeover discussions with Pfizer (LON:PFE) , saying the acquisition of the whole of Pfizer’s consumer health business “did not fit their acquisition criteria”.

Reckitt Benckiser had wanted to buy just one part of their business, but they were unable to reach an agreement for that part with Pfizer. On Thursday the group confirmed it had ended the discussions between them.

Rakesh Kapoor, Reckitt Benckiser’s chief executive, said: “Our priority remains organic growth, including the completion of the integration of Mead Johnson Nutrition and creating further value from reorganising into two new business units – Health and Hygiene Home.

“We always approach inorganic growth opportunities in a rigorous, disciplined, and financially responsible manner to ensure long term value creation for shareholders. An acquisition for the whole Pfizer consumer health business did not fit our acquisition criteria and an acquisition of part of the business was not possible.”

Shares in Reckitt Benckiser rose on the news, currently trading up 5.53 percent at 5,937.00 (0907GMT). Pfizer shares are trading steady, down just 0.19 percent at 36.27.