Tuesday, April 29, 2014

Prestige Brands Acquires Care Pharma - Analyst Blog

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Prestige Brands Holdings, Inc. (PBH) recently announced that it has acquired Australia-based Care Pharmaceuticals Pty Ltd. Effective from Jul 1, 2013, this privately held marketer and distributor of over-the-counter (OTC) healthcare products became a part of Prestige Brands. Financial details of the deal were not provided. Prestige Brands saw its share price moving up by 10.9% on the news.

This acquisition will strengthen Prestige Brands' portfolio with Care Pharma's principal brand Fess and other brands including Painstop, Rectogesic and Fab. Prestige Brands funded this acquisition through an existing credit facility and cash on hand.

We note that Prestige Brands is heavily into acquisitions. The company acquired 17 brands in 2012 and 6 brands in 2011 in the OTC Healthcare category, supplementing its existing OTC Healthcare brands.

On Jan 31, 2012, the company acquired 15 OTC healthcare brands, including related contracts, trademarks and inventory from GlaxoSmithKline plc (GSK) and its affiliates. The other two brands, namely, Debrox and Gly-Oxide, were acquired on Mar 30, 2012.

On Nov 1, 2010, the company acquired Blacksmith Brands Holdings, Inc., which owned five brands, namely, Efferdent, Effergrip, PediaCare, Luden's and NasalCrom. On Jan 6, 2011, the company acquired some assets comprising the brand Dramamine in the US.

Prestige Brands carries a Zacks Rank #2 (Buy). The latest acquisition is a great strategic fit for the company. The two companies have similar business models and a common culture focusing on building brands, innovation and new products. It will also help Prestige Brands in expanding its business in the Asia Pacific region.

Right now, companies like Santarus, Inc. (SNTS) and Jazz Pharmaceuticals (JAZZ) look well positioned with a Zacks Rank #1 (Strong Buy).

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