Cold-Eeze Deal Puts Homeopathic Brand At Center Of Mylan Consumer Business
This article was originally published in The Pink Sheet
The $50m deal adds a homeopathic brand to Mylan's portfolio that will lead its US consumer lineup; ProPhase will focus on dietary supplements; leave behind seasonal-demand products.
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Mylan said it expects to cut less than 10% of its workforce under a restructuring to streamline operations following a series of acquisitions. The news comes amid a spate of negative publicity for the company, including a $465m settlement with the US Department of Justice over EpiPen.
The deal is subject to 90% of Meda shareholders tendering shares, and the two largest shareholders, accounting for about 30% of shares, already committed to the deal. Mylan will pay around $8.5bn in cash and debt and about $1.4bn in stock.
The marketer of the Cold-EEZE cold remedy line enters the supplement market with LegendzXL "to offset the seasonality of our revenues and our dependence on the severity of the cold season." The supplement contains a proprietary formulation for "supporting physical readiness, energy and relieving stress."