Boots, a UK high street chemist and beauty products retailer, has put its over-the-counter medical products business up for sale for around £1.2bn (€1.75bn). Pfizer, the US-listed pharmaceuticals giant, and three UK private equity groups have already expressed an interest.

Goldman Sachs will run the auction for Boots Healthcare International to raise between £1bn and £1.2bn. Sources close to the process said trade buyers "hold the strong hand".