RIDGEFIELD, Conn.--(BUSINESS WIRE)--Boehringer Ingelheim Pharmaceuticals, Inc. today announced that it has entered into an agreement with Johnson & Johnson (NYSE:JNJ - News) and Pfizer Inc. (NYSE:PFE - News) to acquire the U.S. rights to the over-the-counter (OTC) Zantac® product line for $509.5 million in cash. The transaction is subject to review and approval by the Federal Trade Commission (FTC), certain closing conditions, and the acquisition by Johnson & Johnson of the Consumer Healthcare business of Pfizer Inc, which is expected to close by the end of 2006. Under the terms of the agreement, Boehringer Ingelheim will acquire all rights, title and interest in the OTC Zantac product brand in the United States. The Zantac OTC is being divested in order to facilitate the approval by the FTC of the acquisition by Johnson & Johnson of the Pfizer Consumer Healthcare business.
“Zantac is an excellent strategic fit that complements our existing OTC franchise and provides us with leading brands in the two largest gastrointestinal (GI) categories - acid reducers and laxatives,” said J. Martin Carroll, president and CEO of Boehringer Ingelheim Corporation.
Subject to completion of the transaction, Zantac will be distributed through the same retail channels as Boehringer Ingelheim’s current Dulcolax® business, which will allow for seamless integration and increased sales, promotion, and marketing efficiencies. There will be no disruption to customers of Zantac as Boehringer Ingelheim will quickly integrate the Zantac brand into its product portfolio.
“Zantac is an excellent consumer brand with a strong market position and a bright future. When combined with our Dulcolax line of products, the Zantac brand will provide Boehringer Ingelheim with significant additional market presence in the OTC GI product space,” said Patrick Hennig, vice president of Sales & Marketing, Consumer Health Care, a division of Boehringer Ingelheim Pharmaceuticals, Inc.
The Consumer Health Care business is one of the core businesses of Boehringer Ingelheim Corporation and strives to serve customers worldwide with top-quality pharmaceuticals for self-medication and is widely known outside the United States for its products such as: Buscopan®, Bisolvon®, Mucosolvan®, Antistax® and Mucoangin®. Inside the U.S. and globally, Dulcolax® is the company’s flagship OTC product.
Boehringer Ingelheim Consumer Healthcare is ranked the 8th largest supplier of self-medication products globally and the acquisition of Zantac will further strengthen their presence in the U.S. market.
Boehringer Ingelheim Pharmaceuticals, Inc.
Boehringer Ingelheim Pharmaceuticals, Inc., based in Ridgefield, CT, is the largest U.S. subsidiary of Boehringer Ingelheim Corporation (Ridgefield, CT) and a member of the Boehringer Ingelheim group of companies.
The Boehringer Ingelheim group is one of the world’s 15 leading pharmaceutical companies. Headquartered in Ingelheim, Germany, it operates globally with 143 affiliates in 47 countries and approximately 37,500 employees. Since it was founded in 1885, the family-owned company has been committed to researching, developing, manufacturing and marketing novel products of high therapeutic value for human and veterinary medicine.
In 2005, Boehringer Ingelheim posted net sales of US $11.8 billion (9.5 billion euro) while spending approximately one-fifth of net sales in its largest business segment, Prescription Medicines, on research and development.
For more information, please visit http://us.boehringer-ingelheim.com.
Contact: Boehringer Ingelheim Pharmaceuticals, Inc. Marybeth C. McGuire, 203-798-4801 Cell: 203-482-6645 Corporate Communications Manager mmcguire@rdg.boehringer-ingelheim.com
Source: Boehringer Ingelheim Pharmaceuticals, Inc.
