Karo Pharma Aktiebolag ("Karo") has today entered into a put option agreement pursuant to which it may acquire the dermatology brand E45® from Reckitt for total consideration of
Subject to the execution of the put option by Reckitt, the acquisition of the E45® brand will be effected through the put option agreement. Completion of the Transaction will additionally be subject to customary conditions including the completion by Reckitt of information and consultation processes with its French works councils. The Transaction is expected to close in the second quarter of 2022.
The Transaction would transfer ownership of E45®, with annual estimated net sales of
"With its proven, dermatological expertise and unrivalled
"We are pleased to add another synergistic brand acquisition to Karo's portfolio. E45 is a unique brand, which is trusted by consumers and represents quality and consistency. The brand will strengthen our platform in the
Pursuant to the terms of the Transaction, Reckitt will also provide service and manufacturing support to Karo for a limited period following completion of the Transaction until Karo is fully operational. No manufacturing sites are included in the Transaction perimeter and Karo intends to transfer production to a new third party contract manufacturing organization. The Transaction would be financed 100% with debt from Karo's existing lending banks.
For further information, please contact:
This information is such information that Karo is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication by the contact persons set out above, at
About
Forward-looking statements
This news release contains certain forward-looking statements that are based on uncertainty, as they relate to events and depend on circumstances that will occur in the future and which, by their nature, may have an impact on results of operations and the financial condition of
https://news.cision.com/karo-pharma/r/karo-pharma-enters-into-an-agreement-for-the-potential-acquisition-of-the-e45--brand-from-reckitt,c3478179
https://mb.cision.com/Main/72/3478179/1514466.pdf
(c) 2021 Cision. All rights reserved., source