Wyeth in deal with Procter&Gamble
16 Jul 2008
Wyeth announced today it has signed an agreement with Procter & Gamble to purchase an over-the-counter heat wrap product.
The company said it expects the transaction for ThermaCare to be concluded over the next few months.
It added the product fits in with its strategy to increase growth through innovation and strategic acquisitions in its base business.
Cavan Redmond, president at Wyeth consumer healthcare, said: "ThermaCare is a great brand and a strategic fit for our pain-management franchise."
He commented that millions of customers have used the product to "help them be as active as they want to be".
Wyeth is to announce its financial results for the second quarter on July 23rd in a one-hour conference call with research analysts.
It said investors and other members of the public will be able to listen to the call through a webcast which will be accessible via the company's website.
