Acquisition Strengthens Global Pain Management Franchise
MADISON, N.J., July 15 /PRNewswire-FirstCall/ -- Wyeth Consumer Healthcare, a division of Wyeth (NYSE: WYE), announced today that it has signed an agreement to purchase ThermaCare(R), a leading over-the-counter heat wrap, from Procter & Gamble (NYSE: PG). The transaction is expected to close within the next few months.
ThermaCare fits Wyeth Consumer Healthcare's strategy to accelerate growth through innovation, organic geographic growth and strategic acquisitions in the division's base business, which includes some of the world's best-selling pain management, respiratory, nutritional, gastrointestinal and topical products. ThermaCare will join the company's pain franchise that includes Advil(R) -- one of the world's leading oral pain relievers -- and will enhance Wyeth's global position in pain management.
"ThermaCare is a great brand and a strategic fit for our pain management franchise," says Cavan Redmond, President, Wyeth Consumer Healthcare. "We are excited about the brand's growth potential. Millions of consumers have relied on ThermaCare for consistent, uniform heat to help them be as active as they want to be."
ThermaCare is currently sold in the United States, Canada, Germany, the United Kingdom, Ireland, Switzerland and Austria.
The heat wraps are manufactured in Albany, (Ga.) in a facility that will be maintained by Wyeth after the transaction closes. The employees who manufacture ThermaCare at the existing Albany (Ga.) Procter & Gamble facility will become Wyeth Consumer Healthcare employees with the transition of facility operations to Wyeth.
Introduced in the United States in 2002, ThermaCare Heat Wraps use heat therapy to relieve minor arthritis, muscle, joint and menstrual pain. The ThermaCare line currently contains six products: heat wraps for the lower back and hips, and neck and shoulders; heat patches for menstrual pain; and heat wraps for arthritis in the hands and wrists, knees and elbows, and neck and shoulders. Arthritis Heat Wraps were launched in the United States in September 2007.
The product line for relieving lower back and hip, neck and shoulder and menstrual pain provides heat for eight hours. The arthritis heat wraps provide heat for 12 hours. Once applied to the skin, the wraps produce consistent heat of 104 degrees Fahrenheit (40 degrees Celsius) ... warm enough to ease pain and relax muscles, but also safe when used as directed.
Wyeth Consumer Healthcare, a division of Wyeth, is one of the world's leaders in the development, manufacturing and marketing of non-prescription medicines, vitamins and nutritional products, including established brands such as Advil(R), Centrum(R), ChapStick(R), Dimetapp(R) and Robitussin(R).
Wyeth is one of the world's largest research-driven pharmaceutical and health care products companies. It is a leader in the discovery, development, manufacturing and marketing of pharmaceuticals, vaccines, biotechnology products, nutritionals and non-prescription medicines that improve the quality of life for people worldwide. The Company's major divisions include Wyeth Pharmaceuticals, Wyeth Consumer Healthcare and Fort Dodge Animal Health.
The statements in this press release that are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include, without limitation, the inherent uncertainty of the timing and success of, and expense associated with, research, development, regulatory approval and commercialization of our products and pipeline products; government cost- containment initiatives; restrictions on third-party payments for our products; substantial competition in our industry, including from branded and generic products; emerging data on our products and pipeline products; the importance of strong performance from our principal products and our anticipated new product introductions; the highly regulated nature of our business; product liability, intellectual property and other litigation risks and environmental liabilities; uncertainty regarding our intellectual property rights and those of others; difficulties associated with, and regulatory compliance with respect to, manufacturing of our products; risks associated with our strategic relationships; economic conditions including interest and currency exchange rate fluctuations; changes in generally accepted accounting principles; trade buying patterns; the impact of legislation and regulatory compliance; risks and uncertainties associated with global operations and sales; and other risks and uncertainties, including those detailed from time to time in our periodic reports filed with the Securities and Exchange Commission, including our current reports on Form 8-K, quarterly reports on Form 10-Q and annual report on Form 10-K, particularly the discussion under the caption "Item 1A, Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2007, which was filed with the Securities and Exchange Commission on February 29, 2008. The forward-looking statements in this press release are qualified by these risk factors. We assume no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.
Additional information on Wyeth is available at http://www.wyeth.com
Additional information on Procter & Gamble is available at http://pg.com
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