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Prestige Brands closes purchase of 15 GSK brands
February 1st, 2012
IRVINGTON, N.Y. – Prestige Brands Holdings Inc. said it has completed its purchase of 15 of the 17 over-the-counter medicine brands that it agreed to acquire from GlaxoSmithKline (GSK).
Prestige Brands reported Tuesday that the transaction was finalized under the $660 million acquisition deal announced with GSK on Dec. 20, which called for Prestige to pay $615 million in cash at closing plus a customary post-closing inventory adjustment.
Plans call for the purchase of the remaining two brands to be finished during the first half of 2012, according to Prestige Brands.
Brands that Prestige agreed to acquire from GSK include BC, Goody's and Ecotrin pain relievers; Beano, Gaviscon, Phazyme, Tagamet and Fiber Choice gastrointestinal medicine brands; and the Sominex sleep aid brand.
Prestige's brand portfolio include such well-known names as Compound W wart treatments, Chloraseptic sore throat relief and allergy treatment products, New-Skin liquid bandage, Clear Eyes and Murine eye care products, Little Remedies pediatric products, and The Doctor's NightGuard dental protector, as well as the Efferdent denture cleaner, Effergrip denture adhesive cream, PediaCare cough/cold/allergy/sinus and fever remedy for infants and children, Luden's throat drops and NasalCrom allergy prevention nasal spray acquired from BlackSmith. The company also holds the Comet and Spic and Span household cleaner brands.