Procter & Gamble, Teva in consumer healthcare partnership

25 Mar 2011

Fast moving consumer goods major Procter & Gamble Company and Teva Pharmaceutical Industries Ltd today announced the signing of a master agreement to create a partnership in consumer healthcare by bringing together both companies' existing over-the-counter (OTC) medicines and complementary capabilities to accelerate growth.

The new business model combines P&G's strong brand-building, consumer-led innovation and marketing capabilities with Teva's broad geographic reach, experience in R&D, regulatory and manufacturing practices as also its extensive portfolio of products, the companies said in a regulatory filing.

"This unique partnership positions P&G and Teva to be a leading player in the consumer healthcare industry," said Bob McDonald, chairman of the board, president and chief executive officer of P&G.

"This is a remarkable opportunity to accelerate growth for both companies' OTC businesses. Together, we will serve more consumers in more parts of the world, more completely, by increasing access to high quality, affordable over-the-counter medicines."

"We are extremely pleased to be joining forces with Procter & Gamble, the world leader in brand building and innovative go-to-market capabilities," said Shlomo Yanai, Teva's president and chief executive officer.

"This partnership will create value by immediately expanding the number of channels and geographies in which each company's OTC products will be sold. Together, we will develop a new platform with the potential to reshape the entire global OTC market."