Teva and P&G Establish JV with Focus on OTC Medicines

PGT Healthcare, as the new JV will be called, is expected to realize $4 billion in annual sales by the end of the decade.

Generics giant Teva Pharmaceutical Industries and Procter & Gamble announced the creation of their joint venture in consumer healthcare that they first discussed in March.

PGT Healthcare, as the new JV will be called, will have its headquarters in Geneva, Switzerland and operate in essentially all markets outside North America. The companies hope to realize $4 billion in annual sales from the JV by the end of the decade.

PGT Healthcare will focus on the development and commercialization of branded OTC medicines. P&G has sold its OTC plants in Greensboro, NC, which produces Vicks, and in Phoenix, AZ, which produces Metamucil, in a move related to the formation of the JV, Reuters notes. Employees of both plants will be transferred to Teva.