Boots, the UK-based pharmaceutical manufacturer and retail giant, yesterday announced the $340 million cash purchase of anti-acne treatment Clearasil from Procter & Gamble, as part of its bid to become a globally recognised brand.
The purchase was made through the British group’s Boots Healthcare International pharmaceutical arm. The strategy underlying the acquisition aims to give Boots more of a global presence.
Clearasil had worldwide sales of $137m in over 50 countries last year, 39% of which came from the USA and 11% in Japan. “Our ambition is to become truly global”, commented Barry Clare, BHI’s managing director.
News source: Financial Times