Perrigo completes acquisition of GlaxoSmithKline consumer brands

Perrigo has announced the completion of the purchase of a number of over-the-counter (OTC) brands from GlaxoSmithKline in a deal worth 200 million euros (146.88 million pounds).

The deal will strengthen the company's consumer-facing business globally, with the portfolio of acquired brands achieving net sales of approximately $110 million (71.95 million pounds) in 2014.

This will enhance Perrigo's pan-European infrastructure and deliver a multiplier effect on growth, allowing it to potentially capture a greater share of the $30 billion European OTC market.

Joseph Papa, Perrigo's chairman, president and chief executive officer, said: "I'm excited about the future prospects in this truly global consumer business platform and the megatrends that we can capitalise on."

The purchased brands include smoking cessation aids, cold and flu treatments, cold sore management agents and pain management products. They were sold off by GlaxoSmithKline in order to gain clearance for its plans to form a new consumer health joint venture with Novartis.