Johnson & Johnson has completed the acquisition of Merck’s share in Consumer Pharmaceuticals, originally a joint venture between the two companies, for a fee of $175m.
Johnson & Johnson will assume full ownership of the company, which is to be renamed as McNeil Consumer Pharmaceuticals.
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Merck said that it had decided to sell its stake in the venture in order to focus fully on long-term growth prospects of its wholly owned consumer products division.
As per the agreement, ownership of a manufacturing facility in Pennsylvania, US, will transfer to McNeil.
