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news.Confirming recent media speculation, Johnson & Johnson has announced that it has entered into a definitive agreement to acquire Pfizer Consumer Healthcare for $16.6 billion in cash.
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Pfizer Consumer Healthcare's global business of personal care and over-the-counter (OTC) products achieved sales of $3.9 billion in 2005 and includes market-leading brands such as Listerine, Nicorette, Sudafed and Benadryl. Johnson & Johnson will also acquire the US OTC switch rights to Pfizer's prescription antihistamine Zyrtec, upon patent expiration.
The addition of Listerine, the world's number one mouthwash, will transform Johnson & Johnson's oral health care business by more than tripling it into a franchise worth well in excess of $1 billion.
“This combination creates the world's premier consumer health care company,” said William Weldon, chairman and CEO of Johnson & Johnson. “This acquisition builds upon our broad base in health care products and our leadership objectives in the consumer, pharmaceutical and medical devices and diagnostics markets.”
Johnson & Johnson's board of directors has given approval to the transaction, which, subject to customary clearances, is expected to close by the end of 2006.