Procter & Gamble and Teva Pharmaceutical Industries said today they have created a consumer health care joint venture to be called PGT Healthcare.
The venture will be headquartered in Switzerland, and will operate in all markets outside of North America to develop branded over-the-counter medicine.
The companies said the partnership is expected to start with $1.3 billion in annual sales, with the potential to grow to $4 billion in annual sales by the end of the decade. P&G
)'s CEO said beginning today, the companies' combined consumer healthcare business will offer more branded OTC products to more consumers in more parts of the world.
The companies plan to leverage P&G's consumer understanding, branding and merchandising with Teva's leading brands, like ratiopharm, as well as its deeper, broad pharmacy distribution.
The companies also plan to expand into new OTC categories together.
Johnson & Johnson
)'s OTC offerings will seemingly compete with the new venture.
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