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P&G and Teva form consumer venture

Procter & Gamble and Teva Pharmaceutical have agreed to combine their portfolios of OTC medicines in all markets outside North America to create a consumer healthcare joint venture

The Procter & Gamble Company and Israel's Teva Pharmaceutical have agreed to combine their portfolios of over-the-counter (OTC) medicines in all markets outside North America to create a consumer healthcare joint venture that will launch with annual sales of more than $1bn.

In addition, the partnership will explore opportunities for prescription-to-OTC switches in global markets including in North America.

"This new business model combines P&G's strong brand-building, consumer-led innovation and go-to-market capabilities with Teva's broad geographic reach, its experience in R&D, regulatory and manufacturing and its extensive portfolio of products," according to the companies. Teva will have global responsibility for manufacturing to supply the joint venture markets and P&G's existing North American business.

The partnership will immediately expand the number of channels and geographic markets in which each company's OTC products are sold and will help P&G with the global expansion of OTC brands including Vicks, Metamucil and Pepto-Bismol, the partners said.

The deal, which is expected to close in the fall of 2011, will create a joint venture 51 per cent owned by P&G and 49 percent owned by Teva that could eventually have annual sales reaching $4bn, according to the companies.

Tom Finn, president of P&G's healthcare business, will serve as the joint venture's chairman, while P&G's Briain Debuitleir will serve as its chief executive officer. The venture's chief financial officer will be P&G's Markus Xander, and its chief operating officer will be Teva's Eli Shani.

25th March 2011

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