Johnson & Johnson acquiring Russian OTC products
Johnson & Johnson said Monday that its Cilag GmbH unit will expand its business in Russia by buying the over-the-counter brands of J B Chemicals & Pharmaceuticals Ltd. for $260 million in cash.
J B Chemicals sells Rinza, the leading multi-symptom cough and cold brand in the country, along with Doktor Mom, the number two cough medicine. A Johnson & Johnson division will market those products in Russia, which is the eighth-largest over-the-counter drug market in the world, and in the former Soviet Union. The acquisition is expected to close in the middle of the year.
Cilag is based in Switzerland. Johnson & Johnson is headquartered in New Brunswick, N.J.
Shares of Johnson & Johnson fell 32 cents to $65.37 in afternoon trading.