Belgian over the counter (OTC) specialist Omega Pharma has acquired several OTC products from GSK, including Beconase beclomethasone nasal spray. The deal, which also includes brands Lactacyd, Abtei, Solpadeine, Zantac, and Nytol totaled €470 million in cash.
GSK CFO Simon Dingemans commented, “The divestment of our non-core brands in Europe builds on the recent successful sale of our US and Canadian assets. Given the continued economic challenges across the Eurozone, I am pleased that we have been able to transact these assets at a good price for GSK. The objective of this divestment process is to generate attractive returns for shareholders as well as simplifying our ongoing Consumer business and enabling it to focus on its priority brands and markets.”
Omega Pharma CEO Marc Coucke commented: “We are very happy with this agreement, which testifies the mutual vision and commitment of Omega Pharma and Waterland, which recently became Omega Pharma’s equity partner. Several brands from the acquisition will become part of Omega Pharma’s top-20 brands, and all of the brands that are the subject to today’s announcement have the potential to grow within our group. The proposed transaction will also provide Omega Pharma with the required critical mass in a number of key European markets – i.e. Germany, the UK, Poland and Italy.”
Read the Omega press release.
Read the GSK press release.
