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Haleon, a consumer healthcare firm, has announced it has entered into an agreement to sell its nicotine replacement therapy business outside of the US to Indian multinational pharmaceutical company Dr Reddy’s for £500 million ($633 million).
The portfolio set to be acquired includes the brands Nicotinell, Nicabate, Habitrol, and Thrive, inclusive of all formats such as lozenges, patches and gums, as well as pipeline products across over 30 markets.
Commenting on the acquisition, Haleon chief executive officer Brian McNamara said: “The divestment of Haleon’s NRT business outside of the US is a further example of Haleon being proactive in managing its portfolio and is consistent with our strategy as we implement change to become more agile and competitive. Whilst this business has great brands, these are not core for us, but I’m sure they will continue to flourish given the focus and capability of Dr Reddy’s”.
Dr. Reddy’s chief executive officer Erez Israeli said: “We see the acquisition of this global portfolio of consumer healthcare products led by the global brand Nicotinell as a logical extension of our efforts in consumer healthcare OTC in recent years, and of our purpose of ‘Good Health Can’t Wait’. […] We believe we can unlock more value, grow the portfolio further, and increase consumer access around the world to these global brands”.
The transaction is expected to close in early Q4, subject to regulatory approvals and other customary closing conditions.
Source: Haleon / Dr Reddy’s
