J&J buys Pfizer's OTC unit
Johnson & Johnson snapped up Pfizer's OTC unit, which I mentioned was on the auction block about a month ago. The total? $16.6 billion — a $1.6 billion more than GSK's bid.
The deal will allow J&J to expand its household presence by buying a stable of products that includes Listerine mouthwash, Nicorette smoking cessation treatments, Sudafed cold and allergy products, Rolaids antacid, Benadryl allergy medicine, Rogaine baldness treatment and antacid Zantac.
Fun, fun, but still not terribly exciting. (JNJ's stock is down $1.43 (2.33%) as of this writing, and Pfizer is up. I wouldn't be terribly thrilled if I was a J&J investor right now. This doesn't really seem like it'll be a super-profitable move, and I wonder if J&J is just doing it to expand their already prodigious consumer products line, or if this fits into some larger, unknown strategy.
[tags]Johnson&Johnson, J&J, mergers and acquisitions, M&A[/tags]
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