GSK Sells “Non-Core” Consumer HealthCare Products To Prestige Brands Holdings

GlaxoSmithKline announced it has agreed to sell non-core consumer over-the-counter healthcare brands in the U.S. and Canada to Prestige Brands Holdings, Inc. for $660 million. The company is also planning to divest brands with 2010 sales of $627 million outside these markets at some point in the future. According to the company, the divestiture is designed to “simplify GSK’s consumer healthcare business and allow it to focus on its priority brands and markets.” Brands being divested include BC, Goody's, Beano, Ecotrin, Fiber Choice and Tagamet, which generated sales of about  $210 million in 2010. The divestments will complete in 2012, subject to regulatory approval, the company said.