Perrigo buys OTC portfolio from GSK

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Ireland-domiciled Perrigo, which itself has rejected three takeover bids from Mylan, is to buy a number of over-the-counter brands from GlaxoSmithKline.

The products, which had sales of around $110 million last year, covers nicotine replacement therapies, including NiQuitin and Nicotinell in areas such as Europe, Australia and Brazil. The deal, the financial details for which have not disclosed, also includes cold, flu and cold sore remedies.

The brands come from the new consumer healthcare joint venture GSK has set up with Novartis, in which the former has a majority stake. The divestiture was required to satisfy antitrust regulators.

Perrigo spent 3.6 billion euros last November to buy Belgian consumer health firm Omega Pharma and chief executive Joseph Papa said the deal will help his company “capture an even greater share of the $30 billion European OTC market opportunity with several well-established, complementary brands”.

The sale is expected to close in the third quarter.