Bristol to Sell Division to Novartis
NEW YORK — Bristol-Myers Squibb Co. said it had reached an agreement to sell its U.S. and Canadian consumer medicine business to Novartis for $660 million in cash.
The division, which reported $242 million in sales last year, includes Excedrin for headaches, cold and flu medicine Comtrex and Keri moisturizers.
Novartis’ consumer product division includes Ex-Lax laxative, Maalox antacid, Theraflu adult cold and flu treatment and Triaminic for children’s coughs and colds.
Novartis spokesman Nehl Horton said the deal would improve the company’s over-the-counter offering and give it more clout with distributors.
Shares of Bristol-Myers gained 17 cents Thursday to close at $25.07.
Novartis shares rose $1.08 to $48.28.
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