With the completion of the deal, Perrigo now has rights to the nicotine replacement therapies of both GSK and Novartis, NiQuitin and Nicotinell.
The deal also includes Novartis’s cold sore management products in the EEA and cold and flu, and pain relief products in Sweden.
The cold sore management products of Novartis in the EEA are marketed under the brands Vectavir, Pencivir, Fenivir, Fenlips and Vectatone.
GSK has sold the brands to meet the European Commission’s condition to divest the products for securing approval of its consumer health joint venture with Novartis.
Perrigo chairman, president and CEO Joseph Papa said: "We are excited to complete this transaction, which clearly demonstrates our ability to execute on our ‘Base Plus Plus Plus’ strategy.
"We are thrilled to already add to our pan-European infrastructure with strategic M&A that has a multiplier effect on our growth. It is Perrigo’s superior supply chain capabilities, and Branded Healthcare’s brand building expertise, which will allow us to realize this portfolio’s full potential and capture an even greater share of the $30bn European OTC market opportunity.
"I’m excited about the future prospects in this truly global consumer business platform and the mega trends that we can capitalize on."
The total net sales of the acquired brands in 2014 were approximately $110m.
The deal shows Perrigo’s ability to maximize brand value across its European distribution network spanning 36 countries.