Prestige Brands Agrees to Buy GSK’s Non-Core North American OTC Brands

Abstract

In order to focus on its priority brands and emerging markets, GlaxoSmithKline (GSK) has agreed to divest 17 of its non-core consumer brands in the US and Canada to Prestige Brands for £426 M (US$661 M) in cash. The sale of the OTC brands will generate net proceeds of approximately £242 M (US$375 M), which will be returned to GSK’s shareholders during 2012. The transaction is expected to complete in the first half of 2012, subject to regulatory approvals.