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Updated: 6:32 p.m. Thursday, March 24, 2011 | Posted: 6:31 p.m. Thursday, March 24, 2011
CINCINNATI — The world’s largest consumer products maker is teaming up with the world’s largest generic drug maker.
Cincinnati-based Procter & Gamble Co. and Jerusalem-based Teva Pharmaceutical Industries Ltd. say they will combine their over-the-counter drug businesses in markets outside of North America. P&G’s products include Vicks cold medicines, Pepto-Bismol stomach relief and Prilosec OTC heartburn medicine.
Teva will provide global manufacturing and infrastructure to supply the markets and P&G’s North American business. The companies say they want to develop over-the-counter brands.
P&G, whose products include Tide detergent and Pamper diapers, sold its prescription drug business two years ago for $3.1 billion, saying it wanted to focus more on growth opportunities for over-the-counter health care.
Financial terms weren’t disclosed immediately; the deal would close in fall if it clears regulatory hurdles.
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