In February 2009, I urged several Motley Fool colleagues to add Mead Johnson Nutrition (NYSE: MJN) to their personal watchlist on the grounds that it "is a Buffett-type business." Since then, the stock has more than doubled, far outpacing the S&P 500's 54% gain. If you missed it, another opportunity -- one very similar to Mead Johnson -- may be emerging. Serious, value-oriented investors will be following this situation closely; I'm bringing it to your attention now so that you can do the same in case it comes to fruition.

Mead Johnson Nutrition is one of the leading companies of products for infant and children's nutrition. It was spun out of Bristol-Myers Squibb (NYSE: BMY) in February 2009, and the stock has been on an absolute tear since then -- so much so, that I no longer find it particularly attractive (a terrific business doesn't always equate to a great stock.)

Pfizer could follow the same script
That success can't have gone unnoticed at rival pharma Pfizer (NYSE: PFE). Why? With the specter of imminent patent expirations hanging above it, Pfizer has been struggling to offer shareholders a compelling vision for future growth and/or value creation. According to a recent report from Sanford Bernstein, CEO Ian Read is considering divesting four different businesses that represent more than 40% of the company's revenues.

One of those businesses is nutrition, inherited from the acquisition of Wyeth, which competes directly with Mead Johnson. With 2010 revenues of $1.9 billion to Mead's $3.1 billion, Pfizer's nutrition unit is smaller, but it shares the same attractive qualities, including brand power and a strong position in some of the world's growth markets (China, the Philippines, and Mexico are among its top markets).

Be ready when opportunity knocks at your door
At present, Mead Johnson provides an aggressive valuation benchmark for Pfizer nutrition, but any time a business of this caliber comes to market, it's a situation worth following. In order to do that, I recommend you add Pfizer to your watchlist in order to get our coverage of any major development affecting the company, including the spin-off of any of the firm's divisions.

Click on Mead Johnson, Pfizer, and Bristol-Myers Squibb to add them to your watchlist, or start a new watchlist and add any company you want. You'll get valuable updates as well as immediate access to a new special report, "6 Stocks to Watch from David and Tom Gardner."

Fool contributor Alex Dumortier, CFA, has no beneficial interest in any of the stocks mentioned in this article. You can follow him on Twitter. Pfizer is a Motley Fool Inside Value choice. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.