SmithKline/Miles
This article was originally published in The Rose Sheet
Executive Summary
SmithKline completes sale of Sterling Winthrop's North American OTC business to Bayer AG's U.S. subsidiary Miles for $1 bil. cash, the firms report Nov. 3. With the purchase, Bayer adds Stri-Dex acne products to its stable ("The Rose Sheet" Sept. 19, In Brief). On Nov. 2, SmithKline announced the completion of its purchase of Sterling's worldwide nonprescription business for $2.9 bil. in cash. SmithKline declared that the sale of the Sterling North American business "completes the most significant series of transactions ever made in the OTC industry"