Perrigo closes GSK OTC portfolio acquisition

DUBLIN — Perrigo announced Friday that it had completed its $224 million (€200 million) acquisition of several OTC brands from GlaxoSmithKline’s OTC portfolio. The company expects the acquisition to be immediately accretive to its 2015 adjusted earnings per share.

Included in the deal are GSK's NiQuitin nicotine replacement therapy business, primarily in the European Economic Area and Brazil, and Novartis's legacy Australian NRT business, including the Nicotinell brand; several assorted OTC brands including Coldrex (cold and flu treatment) across the EEA, and Panodil (pain relief), Nezeril (nasal decongestant) and Nasin (nasal decongestant) in Sweden; and Novartis' legacy cold sore management products primarily in the EEA, marketed under the brand names Vectavir, Pencivir, Fenivir, Fenlips and Vectatone.

“We are thrilled to already add to our pan-European infrastructure with strategic M&A that has a multiplier effect on our growth,” Perrigo chairman, president and CEO Joseph Papa said. “It is Perrigo's superior supply chain capabilities, and Branded Healthcare's brand building expertise, which will allow us to realize this portfolio's full potential and capture an even greater share of the $30 billion European OTC market opportunity. I'm excited about the future prospects in this truly global consumer business platform and the mega trends that we can capitalize on.”