France: Cooper Consumer Health completes acquisition of Viatris OTC business

European consumer healthcare player Cooper Consumer Health has completed the acquisition of the Over the Counter (OTC) business of US-based global healthcare company Viatris. The acquisition doubles Cooper Consumer Health’s revenue to €1.2 billion ($1.3 billion) and strengthens its position as a leading healthcare platform in Europe.

The transaction expands Cooper Consumer Health’s reach into new therapeutic areas, such as feminine hygiene, antiseptics and cholesterol lowering, and includes two high-quality manufacturing facilities in Mérignac, France and Confienza, Italy, as well as a research and development center in Monza.

“We are excited to complete this acquisition, which transforms Cooper Consumer Health Care into a truly pan-European leader in consumer healthcare,” said Bart Meermans, Group CEO of Cooper Consumer Health. “We will have a solid presence in all major European geographies, including Germany, where we will establish a new subsidiary.”

The agreement will provide Cooper Consumer Health with access to strong brands including Betadine, Saugella, Armolipid and CB12.

The transaction closed on July 3.

Viatris is selling out

The sale of Viatris’ OTC business is part of a strategic plan, announced in October 2023, to simplify the organization to focus on areas with the greatest potential to accelerate growth. The plan included the divestment of the API business in India and the Women’s Healthcare business.

In June, it completed the sale of its API business in India to Iquest Enterprises, a private pharmaceutical company based in India, in a transaction that included three manufacturing facilities and an R&D lab in Hyderabad, three manufacturing facilities in Vizag, and the sale of APIs to third parties. Viatris retains certain select API R&D capabilities.

In March, the Women’s Healthcare business, primarily related to oral and injectable contraceptives, was sold to Insud Pharma, a leading Spanish multinational pharmaceutical company. The transaction includes two manufacturing plants in India: one in Ahmedabad and one in Sarigam.

Separately, in another transaction, Viatris divested its rights to women’s healthcare products Duphaston and Femoston in certain countries to Theramex HQ UK, a leading global pharmaceutical company specializing in women’s health. The transaction (outside the UK, which is still subject to regulatory approval) closed in December 2023.

Viatris also entered into agreements to divest commercialization rights in certain non-core markets that were part of the combination with Upjohn and in which the company did not have any established infrastructure prior to or following the transaction.

The company owns rights to Viagra, Dymista, and select OTC products in some markets.

Viatris was advised by Cravath, Swaine & Moore and Saraf & Partners on the transactions; the legal advisor was PricewaterhouseCoopers and the financial advisor was Jefferies.