SmithKline/Miles
This article was originally published in The Tan Sheet
Executive Summary
SmithKline completes sale of Sterling Winthrop's North American OTC business to Bayer AG's U.S. subsidiary Miles for $1 bil. in cash, the firms reported Nov. 3. On Nov. 2, SmithKline announced the completion of its purchase of Sterling's worldwide nonprescription business for $2.9 bil. in cash. SmithKline retains North American and worldwide rights to analgesic Panadol and Canadian rights to antacid Gaviscon, while divesting its rights to Phillips' Milk of Magnesia in Mexico. SmithKline declared that the sale of the Sterling North American business "completes the most significant series of transactions ever made in the OTC industry" ("The Tan Sheet" Sept. 19, p. 1)