Prestige Brands Holdings Inc. will acquire the Dramamine brand, the nation”™s top-selling over-the-counter motion sickness remedy, in a $76 million cash transaction with McNeil-PPC Inc., a division of Johnson & Johnson. The deal is expected to close in January.
Dramamine”™s market share is estimated at about 32 percent, according to officials at Prestige Brands headquarters in Irvington. The deal follows the company”™s $190-million acquisition of Tarrytown-based Blacksmith Brands Holdings Inc. and its portfolio of five leading over-the-counter health and personal care brands.
“Dramamine represents a continuation of our strategy to acquire OTC brands that are broadly recognized by consumers, are important to retailers and have strong positions in their categories,” Prestige Brands CEO Matthew Mannelly said in a prepared statement.
