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P&G Is Buying German Company Merck For $4.2 Billion
20 April 2018, 01:01 | Vera Richards
PROCTER & GAMBLE ACQUIRES MERCK'S CONSUMER HEALTH BUSINESS FOR ABOUT $4.21 BILLION
Merck had earned €911m from the consumer health business in 2017. Merck's unit also includes vitamin brands such as Femibion, Neurobion and Nasivin. "The deal represents 'a step in the right direction for P&G, '" Bloomberg Intelligence analyst Deborah Aitken tells them.
US -based P&G derived 12 percent of group sales, or $7.5 billion, from health care products previous year, including Oral-B toothbrushes and toothpastes.
The deal will add Merck's vitamin and food supplements to P&G's existing roster of over-the-counter medicines. That's left the door open for M&A. The brands are sold primarily in Europe, Latin America and Asia. Novartis sold its interest in a consumer joint venture to partner GlaxoSmithKline Plc, gaining cash to invest in innovative drugs.
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Turns out Procter & Gamble didn't want Pfizer's consumer health unit after all.
By the end of 2017, GSK ranked as the world's largest consumer health company, according to market research firm Euromonitor International. Its latest deal reinforces that position, at a time when the Cincinnati-based company is experiencing sluggish growth.
"We like the steady, broad-based growth of the OTC Health Care market and are pleased to add the consumer health portfolio", said David Taylor, Procter & Gamble's CEO.
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The sale of the global consumer health business, however, does not yet comprise its French consumer health business, where P&G has made a binding offer to acquire the shares and assets upon Merck having informed and consulted with the relevant works council representatives. But it did want Merck KGaA's.
It also owes a lot of money: data collected by Reuters indicates the company has a total debt-to-equity ratio of 77.29, whereas the industry average is 11.04.
In two years, Merck's $1bn Consumer Health business has grown by 6% and provides a broad range of OTC product remedies to relieve muscle, joint and back pain, colds and headaches as well as products for supporting physical activity and mobility. About 3,300 Merck KGaA employees will switch over as well.
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Procter & Gamble will acquire a 51.80 percent stake, for Rs 1,289.88 crore, in Indian listed drug firm Merck Ltd as part of a global deal under which it is taking over German firm Merck KGaA's worldwide consumer health business. Net income attributable to the company fell to $2.51 billion, or 95 cents per share, compared with $2.52 billion, or 93 cents per share, a year earlier.
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