iNova to Acquire Mundipharma's Consumer Healthcare Brands for $540 mln

An iNova spokesperson said earlier this week that the Singapore-based company will pay $540 million for a portfolio of consumer healthcare brands owned by Sackler-owned Mundipharma International. According to the spokesperson, the transaction will significantly expand iNova's portfolio of consumer health products and add significant new sales in high-growth markets. According to the person, the transaction will give iNova, which markets and sells a wide range of over-the-counter drugs and consumer healthcare products, greater exposure in Asia, particularly in Japan and Indonesia.

Following the transaction, iNova's consumer health product portfolio will account for more than 80% of total product sales, with Asia being the largest region in terms of sales, accounting for approximately 35% of the company's revenue, according to the company. According to iNova, the portfolio it is acquiring has sales in Europe, the Middle East, South Africa, and Canada.

"This acquisition transforms iNova's scale and accelerates our market expansion to high-growth markets in Asia and the Middle East," said Dan Spira, CEO of iNova. Betadine, a brand specialising in antiseptic first-aid products, accounts for approximately 90 per cent of sales of the acquired product portfolio, iNova said. INova, which dates back to 1846 according to its website, primarily sells cough and cold, throat, skin care and natural health drugs and products.

Deutsche Bank advised Mundipharma on the sale, iNova said. In May, Purdue Pharma received a U.S. judge's permission to sell its consumer health business for $397 million, which allowed it to begin liquidating its assets while awaiting a final ruling on a $10 billion settlement that would devote the company's remaining resources to combating the U.S. opioid epidemic. Mundipharma in 2021 was seeking bids for its China unit in a deal that could fetch more than $1 billion, Reuters reported at the time. The Chinese unit has not been sold as of now.