Updated on 4 June 2015
The products have combined sales of $110 million
Singapore: After rejecting Mylan's offer, Perrigo has staked a claim for independence, by buying over the counter assets of biggie GlaxoSmithKline. The Irish drugmaker recently announced the acquisition of a portfolio of products from a recently formed joint venture between GSK and Novartis. The products have combined sales of $110 million.
The deal gives Perrigo exclusive rights to the nicotine replacement therapies of both GSK and Novartis - NiQuitin and Nicotinell - in various jurisdictions. It will also market Novartis's cold sore management products in the European Economic Area and cold and flu, and pain relief products in Sweden.
Mr Joe Papa, chairman and CEO, Perrigo, said, "We are building on the global platform we established with the Omega Pharma acquisition [completed earlier this year] to capture an even greater share of the $30 billion European OTC [over the counter drugs] market opportunity with several well-established, complementary brands that bolster our OTC product portfolio."