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news.US-based Prestige Brands Holdings has signed an agreement to buy Hydralyte in Australia and New Zealand from The Hydration Pharmaceuticals Trust of Victoria, Australia.
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The acquisition, which is subject to customary closing conditions, is expected to be completed in the first quarter of fiscal 2015.
The deal is expected to double the annual revenues of Prestige’s Australian subsidiary Care Pharmaceuticals, to about AUD50m for fiscal 2015.
Care Pharmaceuticals will be responsible for marketing and selling hydralyte, an over-the-counter (OTC) brand in oral rehydration, in Australia and New Zealand,
The drug is available in pharmacies in several forms and is indicated for oral rehydration following diarrhea, vomiting, fever, heat and other ailments.
Prestige CEO Matthew Mannelly said the company is happy with the acquisition of Hydralyte in the Australia and New Zealand markets.
"Hydralyte is a strong, strategic addition to our portfolio. It is a high growth, market-leading OTC brand with a name synonymous with oral rehydration among both consumers and healthcare professionals," Mannelly said.
"Hydralyte strengthens and complements our portfolio, is expected to double the revenues of our Australian subsidiary and is another step closer to our stated goal to grow our business in the Austral-Asia region to $100 million.
"In the nine months since its acquisition, Care has already successfully integrated Prestige’s Murine eye care brands into its portfolio, and is now well-positioned to integrate the Hydralyte acquisition. We look forward to continuing to build and expand our strong portfolio in the fast-growing Austral-Asia region."