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Slide #8. Prestige Brands — Insight Pharmaceuticals
Prestige Brands (NYSE:PBH)
Prestige Brands Holdings, Inc.("Prestige" or the "Company") (NYSE:PBH) today announced that it has entered into a definitive agreement to acquire Insight Pharmaceuticals Corporation ("Insight"), a marketer and distributor of feminine care and other over-the-counter ("OTC") healthcare products, for $750 million in cash. As part of the transaction, Prestige will acquire tax attributes with a present value of approximately $100 million, which results in an effective purchase price of approximately $650 million. This transaction, combined with the Hydralyte transaction announced on April 15, 2014, is expected to result in pro forma revenues and adjusted EBITDA of approximately $800 million and $300 million, respectively for the Company in fiscal 2015.
Prestige Consumer Healthcare is a holding company. Through its subsidiaries, Co. is engaged in the development, manufacturing, marketing, sales, and distribution of over-the-counter (OTC) health and personal care products. Co. conducts its operations in two reportable segments: North American OTC Healthcare and International OTC Healthcare. Co.'s brands in the North American OTC Healthcare segment include Boudreaux's Butt Paste with products that include various diaper rash treatments and skin protectants. Co.'s brands in the International OTC Healthcare segment include Fess that relieves nasal and sinus congestion due to allergy, hay fever, colds and flu.
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Strong Buy (3.50 out of 4)