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UPDATE 1-Pfizer mulls options for consumer healthcare business

(Adds details on possible sale, financial advisers and share price)

Oct 10 (Reuters) - Pfizer Inc said on Tuesday it was reviewing options for its consumer healthcare business, including a full or partial separation of the unit.

Pfizer said the consumer healthcare business, which had about $3.4 billion in revenue in 2016, was "distinct enough" from its core business that there could potential for it to be more valuable outside the company.

Pfizer's consumer healthcare business includes brands such as ChapStick. The company's shares were up about 1 percent at $36.50 in premarket trading.

The company said any decision related to the options would be made during 2018.

Pfizer said it hired Centerview Partners LLC, Guggenheim Securities LLC and Morgan Stanley & Co LLC as financial advisers for the review.

Germany's Merck KGaA had hired JP Morgan to sell its consumer health business, Reuters reported last month. (Reporting by Manas Mishra in Bengaluru; Editing by Saumyadeb Chakrabarty, Bernard Orr)