Teva, Procter & Gamble Terminate PGT Healthcare Partnership - Quick Facts

(RTTNews) - Teva Pharmaceutical Industries (TEVA) announced Thursday it has agreed to terminate the PGT Healthcare partnership with Procter & Gamble Co. (PG). The partnership was established in 2011 to market OTC (Over The Counter) medicines.

The separation is planned to take effect July 1, 2018 subject to receipt of applicable regulatory approvals. No significant (material) net financial transfer between Teva and Procter & Gamble will result from the dissolution.

After nearly seven years working together, the companies concluded that their priorities and strategies are no longer closely aligned and each company will take back its own brand and product assets to re-establish independent OTC businesses.

The separation is not expected to have a material impact on Teva's 2018 financial outlook. Teva will merge its OTC interests returning from PGT with a portfolio of OTC assets acquired in 2016 via the Actavis acquisition.

In 2017, the combined sales from Teva's PGT OTC products and Teva non-PGT OTC products were about $1 billion.