Prestige Brands buys Care Pharma of Australia

Prestige Brands says it bought Care Pharma of Australia, and shares rise to all-time high

Associated Press

TARRYTOWN, N.Y. (AP) -- Prestige Brands Holdings Inc. said Tuesday it acquired Care Pharmaceuticals, an Australian company that distributes over-the-counter health products.

Prestige Brands, which distributes over-the-counter and household cleaning products like Clear Eyes and PediaCare, said the deal closed July 1. It said Care Pharmaceuticals' main brand is Fess cold/allergy and saline nasal health products.

The company said Care's products are sold in Australia, New Zealand and other Asian and Pacific countries. Prestige Brands said Care has about 20 million Australian dollars, or US$18 million, in annual revenue.

Prestige Brands didn't disclose terms of the deal but said it should add to its profit in the current fiscal year. It had $623.6 million in revenue in its latest fiscal year, which ended March 31.

Shares of Prestige Brands climbed $1.92, or 6.3 percent, to $32.26 in morning trading. The shares have nearly doubled in value over the last year, and earlier Tuesday they reached an all-time high of $32.57.

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