PARSIPPANY, N.J., Oct. 29, 2012 /PRNewswire/ -- Watson Pharmaceuticals, Inc. (NYSE: WPI), a leading specialty pharmaceutical company, today announced that it has sold its Rugby over-the-counter ("OTC") pharmaceutical products and trademarks to The Harvard Drug Group, LLC, a leading distributor and provider of private label OTCs and generic prescription products, for approximately $117 million. The transaction received clearance from the U.S. Federal Trade Commission on October 19, 2012 under requirements of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended ("HSR Act").
The Rugby OTC portfolio includes more than 250 SKUs of cough and cold, allergy, pain relief, nausea relief, nicotine gum, vitamin and nutritional supplement products which are sold through various healthcare outlets across the United States.
"I am confident that Major, with its leadership position as a marketer of OTC products, will be more strategically positioned to maximize the value of the long-known and respected Rugby name," said Paul Bisaro, President and CEO of Watson. Acquired by Watson in 1998, Rugby possesses more than 40 years of history marketing OTC products.
"We are extremely excited about acquiring the Rugby product line. Rugby has a strong legacy of providing quality and value for pharma-care providers and consumers. The combination of Major and Rugby will create supply chain efficiencies and enhance service levels," said Terry Haas, CEO of The Harvard Drug Group, LLC ("Harvard Drug").
Under terms of the agreement, Harvard Drug has acquired the Rugby trademark and all rights to market, sell and distribute OTC products and nicotine gum products sold under the trademark. Watson retains all rights to manufacture, sell and distribute all store-branded nicotine gum products, as well as other non-Rugb
|SOURCE Watson Pharmaceuticals, Inc.|
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