Merck, a German firm active in sectors such as life sciences and healthcare, has that is has announced an agreement to sell its consumer health business to consumer goods giant Procter & Gamble for €3.4 million ($4.2 billion).
The acquisition will allow P&G to expand its consumer healthcare portfolio to include brands such as Femibion, Neurobion, Nasivin and Seven Seas.
Merck’s range includes products for muscle, joint and back pain, colds and headaches.
Tom Finn, president of P&G global personal health care, said: “This acquisition helps us continue to drive sales and profit growth for P&G by providing the capabilities and portfolio scale we need to operate a winning global OTC business”.
Merck said the deal would support further deleveraging and help to strengthen its three core business sectors of healthcare, life science and performance materials.
The transaction is expected to close by Q4 2018, with Merck’s 3,300 consumer health employees transitioning to P&G as part of the deal.
Source: Merck / CNBC