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news.Boehringer Ingelheim Pharmaceuticals has entered into an agreement with Johnson & Johnson and Pfizer to acquire the US rights to the over-the-counter heartburn drug Zantac for $509.5 million.
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Boehringer Ingelheim’s acquisition of Zantac will improve the company’s market presence in over-the-counter (OTC) products and could strengthen its presence in the US market.
Zantac is regarded as a strong consumer brand and is an acid reducer used in the treatment of ulcers in the stomach and intestines. Under the terms of the agreement, Boehringer Ingelheim will acquire all rights, title and interest in the Zantac product brand in the US.
“Zantac is an excellent strategic fit that complements our existing OTC franchise,” said Martin Carroll, president and CEO of Boehringer Ingelheim.
The transaction is subject to review and approval by the Federal Trade Commission (FTC). Zantac is being sold in order to facilitate the approval by the FTC of the proposed $16.6 billion acquisition by Johnson & Johnson of the Pfizer Consumer Healthcare business which is expected to close by the end of 2006.
Earlier this month Chattem, a manufacturer of non-prescription drugs, reported that it was purchasing five other products from J&J and Pfizer for $410 million.
Boehringer Ingelheim Consumer Healthcare is currently ranked the 8th largest supplier of self-medication products globally.