Deutsche Bank Reports On Procter & Gamble Partnership With Teva Pharmaceuticals

According to Deutsche Bank, Procter & Gamble PG announced this morning it is forming a JV with Teva Pharmaceuticals comprised of both companies' existing OTC businesses outside of North America. Deutsche Bank reported that P&G will own 51% with Teva owing 49% and P&G will maintain full ownership of its current North American OTC business and company says it was excluded from JV because it is not facing the same growth hurdles that international personal healthcare business are. “Teva will take global responsibility for manufacturing and quality assurance, supplying both the JV and PG's NA OTC business. The Geneva-based JV will be led by P&G executive Brian de Buitler as CEO. CFO is also from P&G while COO is from Teva. Deal is expected to close in the Fall with some of the contract details still being finalized.” Procter & Gamble closed yesterday at $60.91.