Cilag GmbH International Announces Definitive Agreements to Acquire The Over-The-Counter Brands of J B Chemicals & Pharmaceuticals Limited
ZUG, Switzerland (May 23, 2011) - Cilag GmbH International today announced definitive agreements to acquire the over-the-counter (OTC) brands of J B Chemicals & Pharmaceuticals Limited for the equivalent of approximately U.S. $260 million in cash. The brands included in the acquisition are RINZA®, Russia’s leading multi-symptom cough and cold brand, and DOKTOR MOM®, Russia’s number two selling cough brand, as well as several other brands. Johnson & Johnson LLC and its affiliates will market these products in Russia, the world's eighth largest OTC market, and in the Commonwealth of Independent States and other countries. Cilag GmbH International and Johnson & Johnson LLC are wholly-owned subsidiaries of Johnson & Johnson.
“Emerging markets continue to be an important growth opportunity for Johnson & Johnson,” said Jesse Wu, Worldwide Chairman, Johnson & Johnson Group of Consumer Companies. “This acquisition of strong brands in Russia will allow us to expand our OTC offerings in these growth markets and support our emerging markets strategy.”
The transaction is anticipated to close by mid-2011, subject to customary closing conditions.
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(This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Cilag GmbH International, Johnson & Johnson LLC and/or Johnson & Johnson. Risks and uncertainties include, but are not limited to, the satisfaction of closing conditions for the acquisition, including receipt of approval for the transaction by the shareholders and lenders of J B Chemicals & Pharmaceuticals Limited, and the possibility that the transaction will not be completed; general industry conditions and competition; economic factors, such as interest rate and currency exchange rate fluctuations; technological advances and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approvals; domestic and foreign health care reforms and governmental laws and regulations; trends toward health care cost containment; and increased scrutiny of the healthcare industry by government agencies. In addition, if and when the transaction is consummated, there will be risks and uncertainties related to the ability of Cilag GmbH International and Johnson & Johnson LLC to successfully integrate the acquired products of J B Chemicals & Pharmaceuticals Limited, as well as the ability to ensure continued performance or market growth of the acquired products of J B Chemicals & Pharmaceuticals Limited. A further list and description of these risks, uncertainties and Johnson & Johnson’s Annual Report on Form 10-K for the fiscal year ended January 2, 2011. Copies of this Form 10-K, as well as subsequent filings, are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. Cilag GmbH International, Johnson & Johnson LLC, and Johnson & Johnson do not undertake to update any forward-looking statements as a result of new information or future events or developments.)
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Posted: May 2011