European OTC Shifts: BMS Eyes Selling French Business, Private Equity Controls Italy's Recordati
Bristol-Myers Squibb weighs selling its UPSA French OTC business, conducting a strategic review to assess its growth potential. Milan-based Recordati, says it plans to grow its OTC business; the firm sold a 51.8% stake owned by the Recordati family to a consortium of private equity funds for $3.56bn.
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With private equity interest in the health space booming, CVC has taken a controlling stake in Recordati for €3.03bn, at a sharp discount to the Italian company’s share price.
P&G’s planned acquisition of Merck KGaA’s consumer health care business will grow its consumer health portfolio 50%, expand its OTC drug and supplement business abroad and open up new categories. CEO David Taylor frames the acquisition as another step in the firm's ongoing portfolio shakeup.
A spin-off still is an option for Pfizer, as is continuing to operate the unit as it currently does. But P&G's apparent interest and dearth of other OTC business buyers changes the outlook for both companies.