Meda Acquires Three OTC Brands in the US and Canada from GlaxoSmithKline
December 14, 2010 — NEW YORK 1 Meda AB (“Meda”), a leading international specialty pharma company, today announced that it has acquired three over-the-counter consumer products brands from GlaxoSmithKline LLC (“GSK”), for approximately $34 million (USD). The brands being acquired are:
• Geritol®, a leading multi-vitamin known for its Complete formula which contains every vitamin and mineral established as essential in human nutrition
• Feosol®, the iron supplement brand U.S. physicians have recommended most since 1990
• Palafer®, the #1 iron supplement brand recommended by healthcare professionals in Canada
The combined sales of these well-known brands is in excess of $15 million (USD), with strong profit margins. In a company press release, Anders Lönner, CEO of Meda, noted, “These well-known consumer brands strengthen our OTC business in the US.” These brands will be integrated into Meda’s U.S. operations, which were strengthened by the acquisition of Alaven Pharmaceutical LLC in August 2010.
Meda and GSK are also pursuing further discussions on additional OTC acquisitions in the US market.
Sawaya Segalas & Co., LLC, a leading consumer investment banking firm, acted as exclusive financial adviser to GSK in connection with the transaction.
Note: Dollar amounts were converted into USD from SEK at a conversion rate of 0.147.