HERTFORDSHIRE, England and
PITTSBURGH, Jan. 9, 2017 /PRNewswire/ -- Mylan N.V.
(NASDAQ, TASE: MYL) today announced that it has agreed to acquire
global rights to Cold-EEZE® brand cold remedy line from ProPhase
Labs, Inc.
The 20-year old Cold-EEZE® brand includes a family of leading
over-the-counter (OTC) cold remedies currently sold in the U.S.
market, including zinc-based lozenges, gummies, oral sprays,
capsules and oral liquid dose forms. Cold-EEZE® cold remedy zinc
gluconate lozenges are a leading product in the homeopathic
category and have been clinically shown to reduce the duration of
the common cold. With strong brand recognition in the
pharmacy and a growing and loyal customer base, Cold-EEZE® will
become Mylan's largest U.S. OTC brand franchise and further augment
its growing U.S. OTC business.
Mylan President Rajiv Malik
commented, "The acquisition of Cold-EEZE® further builds upon our
$1 billion global OTC business and
helps us to enhance our presence in the U.S. OTC market. We are
excited to add another strong brand to our U.S. portfolio and see
potential to build on its success by leveraging our expertise in
the respiratory area. We also look forward to continuing to expand
our presence in the global OTC market through product acquisitions,
marketing and line extensions, and opportunities to leverage our
portfolio into new markets."
Under the terms of the agreement, Mylan, through its U.S. OTC
subsidiary, will purchase substantially all of the assets and other
rights relating to the Cold-EEZE® brand, including all U.S.
businesses and U.S. and international trademarks. The closing of
the proposed sale, which is currently expected to occur in the
first quarter of 2017, is subject to approval of the shareholders
of ProPhase Labs and other customary closing conditions.
Mylan's global OTC business includes brands such as Dona™,
Betadine®, Saugella®, ArmoLIPID®, CB12®, Brufen™, EndWarts®,
Froben™, Ferrograd™, MidNite® and Vivarin®.
This report includes statements that constitute
"forward-looking statements," including that Cold-EEZE® will become
Mylan's largest U.S. OTC brand franchise and further augment its
growing U.S. OTC business; Mylan looks forward to continuing to
expand its presence in the global OTC market through product
acquisitions, marketing and line extensions, and opportunities to
leverage its portfolio into new markets; and the proposed sale is
currently expected to occur in the first quarter of 2017. These
statements are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Because such
statements inherently involve risks and uncertainties, actual
future results may differ materially from those expressed or
implied by such forward-looking statements. Factors that could
cause or contribute to such differences include, but are not
limited to: any regulatory, legal, or other impediments to Mylan's
ability to execute on the proposed sales; any changes in or
difficulties with our inventory of, and our ability to manufacture
and distribute, the Cold-EEZE® line of products; the effect of any
changes in our customer and supplier relationships and customer
purchasing patterns; other changes in third-party relationships;
the impact of competition; changes in the economic and financial
conditions of the businesses of Mylan; any regulatory, legal, or
other impediments to our ability to bring our products to market;
actions and decisions of healthcare and pharmaceutical regulators,
and changes in healthcare and pharmaceutical laws and regulations,
in the United States and abroad;
our ability to protect our intellectual property and preserve
intellectual property rights; expected or targeted future financial
and operating performance and results; other uncertainties and
matters beyond the control of management; and the other risks
detailed in Mylan's filings with the Securities and Exchange
Commission. Mylan undertakes no obligation to update these
statements for revisions or changes after the date of this
release.
Mylan is a global pharmaceutical company committed to setting
new standards in healthcare. Working together around the world to
provide 7 billion people access to high quality medicine, we
innovate to satisfy unmet needs; make reliability and service
excellence a habit; do what's right, not what's easy; and impact
the future through passionate global leadership. We offer a growing
portfolio of more than 2,700 generic and branded pharmaceuticals,
including antiretroviral therapies on which approximately 50% of
people being treated for HIV/AIDS worldwide depend. We market our
products in more than 165 countries and territories. Our global
R&D and manufacturing platform includes more than 50
facilities, and we are one of the world's largest producers of
active pharmaceutical ingredients. Every member of our more than
35,000-strong workforce is dedicated to creating better health for
a better world, one person at a time. Learn more at mylan.com.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/mylan-acquires-cold-eeze-brand-to-further-expand-otc-business-300387479.html
SOURCE Mylan N.V.