Builds on Pfizer’s Strength in Dietary Supplements; Expands the Portfolio with New Products and New Markets
NEW YORK--(BUSINESS WIRE)-- Pfizer Inc. (NYSE:PFE) today announced that it has entered into a definitive agreement to purchase Ferrosan’s consumer healthcare business, which includes dietary supplements and lifestyle products, from Altor 2003 Fund GP Limited.
Based in Copenhagen, Ferrosan is an innovative and long-established consumer healthcare company in the Nordic region with a portfolio of leading brands. Since 1920, Ferrosan has grown to serve a broader market including Russia, the Ukraine, Poland, Turkey and many countries throughout Central and Eastern Europe.
“Ferrosan is an excellent strategic fit that strengthens our presence in dietary supplements with a new set of compelling brands and product pipeline,” said Paul Sturman, president, Pfizer Consumer Healthcare. “The transaction will mark an important step towards expanding Ferrosan’s brands through Pfizer’s global footprint. As an immediate result of this acquisition, we will gain greater distribution and scale for Pfizer’s well-known brands such as Centrum® and Caltrate® in Ferrosan’s regions.”
Ferrosan’s portfolio of products include Multi-tabs®, a popular multivitamin brand, Bifiform®, a leading probiotic, Fri Flyt/Active Omega, an Omega 3 product, and IMEDEEN® premium oral skincare brands. These Ferrosan brands are among the top-selling products in their respective categories.
Ola Erici, President of Ferrosan, said, “We are very pleased that Ferrosan’s innovative portfolio of leading brands will be joining Pfizer. We expect that, as part of the Pfizer portfolio, our products will build on their industry-leading positions and become available in more countries around the world. And, at the same time, Pfizer will be able to leverage its footprint in key Ferrosan markets with new Pfizer products.”
The transaction, which is subject to customary closing conditions, including regulatory approval in certain jurisdictions, is expected to close during the second quarter 2011. Financial terms were not disclosed.
Pfizer’s financial advisors were Barclays Capital and Guggenheim Securities, LLC. Skadden, Arps, Slate, Meagher & Flom LLP acted as U.S. counsel for Pfizer with Gorrissen Federspiel advising Pfizer on Danish law.
Pfizer Inc.: Working together for a healthier world™
At Pfizer, we apply science and our global resources to improve health and well-being at every stage of life. We strive to set the standard for quality, safety and value in the discovery, development and manufacturing of medicines for people and animals. Our diversified global health care portfolio includes human and animal biologic and small molecule medicines and vaccines, as well as nutritional products and many of the world’s best- known consumer products. Every day, Pfizer colleagues work across developed and emerging markets to advance wellness, prevention, treatments and cures that challenge the most feared diseases of our time. Consistent with our responsibility as the world’s leading biopharmaceutical company, we also collaborate with health care providers, governments and local communities to support and expand access to reliable, affordable health care around the world. For more than 150 years, Pfizer has worked to make a difference for all who rely on us. To learn more about our commitments, please visit us at www.pfizer.com.
About Ferrosan Consumer Health
Ferrosan was founded in 1920 and has a long-standing pharmaceutical heritage. Headquartered in Copenhagen, Ferrosan Consumer Health today employs approximately 640 people and is engaged in the sale of science-based consumer healthcare products primarily in the Nordic region and the emerging markets of Russia and Central and Eastern Europe. Ferrosan Consumer Health offers a focused product portfolio of well-established brands including Multi-tabs®, the reference product in the multivitamin segment in the Nordic region, Bifiform®, a market-leading fast growing probiotics product range, Fri Flyt/Active Omega-3, a premium product range addressing the omega-3 market for heart and joint health, and IMEDEEN®, the global leader within oral skin care. www.ferrosan.com
The Altor funds (Altor) are private equity funds comprising the “Altor 2003 Fund”, with committed capital of EUR 650 million, the “Altor Fund II”, with committed capital of EUR 1,150 million and also the “Altor Fund III”, with committed capital of EUR 2,000 million. Altor is advised by Altor Equity Partners. Altor invests in companies in the Nordic region with a focus on value creation through growth initiatives, strategic development and operational improvements and has since its inception in 2003 invested in 27 platform investments and more than 30 add-on acquisitions. www.altor.com
PFIZER DISCLOSURE NOTICE: The information contained in this release is as of February 7, 2011. Pfizer assumes no obligation to update forward-looking statements contained in this release as a result of new information or future events or developments.
This release contains forward-looking information that involves substantial risks and uncertainties about an agreement by Pfizer to acquire Ferrosan’s consumer healthcare business and about the introduction of Ferrosan’s and Pfizer Consumer Healthcare’s products into new markets. Such risks and uncertainties include, among other things, the satisfaction of conditions to closing the agreement, the ability to introduce Ferrosan’s products into existing Pfizer Consumer Healthcare markets and the ability to introduce Pfizer Consumer Healthcare products into existing Ferrosan markets.
A further list and description of risks and uncertainties can be found in Pfizer’s Annual Report of Form 10-K for the fiscal year ended December 31, 2009 and in its reports on Form 10-Q and Form 8-K.
Joan Campion, 212-733-2798
Jennifer M. Davis, 212-733-0717
KEYWORDS: United States Europe North America Denmark New York
INDUSTRY KEYWORDS: Health Biotechnology Fitness & Nutrition Infectious Diseases Pharmaceutical