Prestige Brands to Acquire 17 Consumer Over the Counter Brands From Glaxo
Posted Dec 20 2011 2:08pm
This seems to make sense as Prestige already had a large number of consumer products already and that appears to be their primary business. The over the counter products seem to a bit of a mixed bag with both drugs and other types of consumer products. BD
IRVINGTON, N.Y., Dec 20, 2011 (BUSINESS WIRE) -- Prestige Brands Holdings, Inc. (NYSE-PBH) today announced the signing of a definitive agreements with GSK to acquire 17 over-the-counter (OTC) pharmaceutical brands sold in North America for a total of $660 million in cash. The transactions are expected to be completed in the first half of calendar year 2012 subject to customary legal and regulatory closing conditions, including clearance under the Hart-Scott Rodino Antitrust Improvements Act of 1976, as applicable, and the Company closing on its committed financing for the acquisitions.
Among the brands the Company agreed to acquire are the BC(R), Goody's(R), and Ecotrin(R) brands of pain relievers; Beano(R), Gaviscon(R), Phazyme(R), Tagamet(R) and Fiber Choice(R) GI brands; and the Sominex(R) sleep aid brand.