Procter & Gamble has added to its consumer health business by acquiring a unit from Germany’s Merck KGaA for about $4.21 billion.
The purchase adds a portfolio of physician-supported brands to P&G brands such as Vicks, Metamucil, Pepto-Bismol, Crest and Oral-B.
“We like the steady, broad-based growth of the OTC Healthcare market and are pleased to add the Consumer health portfolio and people eoif Merck KGaA, to the P&G family,” said David Taylor, Chairman of the Board, President and Chief Executive Officer.
The brands acquired focusing on relieving muscle, joint and back pain, colds and headaches, are not areas in the P&G portfolio.
The acquisition of the Consumer Health business of Merck KGaA, replaces the PGT Healthcare joint venture P&G had with Teva Pharmaceutical Industries, which will be terminated July 1, 2018, pending regulatory approvals, according to a company release.
Procter & Gamble shares are down almost 13 percent in the last year.