German pharmaceutical company Bayer has agreed to acquire Whitehouse Station, N.J.-based Merck & Co.'s OTC consumer care business for $14.2 billion.
In 2013, 70 percent of Merck's OTC consumer care business sales were generated in the United States. Common brands include Claritin, Copportone, Dr. Scholl's and MiraLAX.
"With this transaction, we are acquiring leading product brands that will make Bayer the OTC leader in North America and Latin America and also move us into top global positions in key OTC product categories," said Bayer HealthCare CEO Olivier Brandicourt in a news release.
The transaction is still subject to approval but expected to close in the second half of 2014.
Bayer and Merck have also entered a strategic pharma collaboration to develop and commercialize the potential of sGC (soluble guanylate cyclase) modulators in cardiovascular disease treatments. The two companies will equally share costs and profits from the sGC modulators, according to the news release.
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