Prestige to buy Insight Pharma for about $750M
TARRYTOWN, New York (AP) — Medicine distributer Prestige Brands will spend about $750 million to buy EPT home pregnancy test maker Insight Pharmaceuticals.
The Tarrytown, New York, company says the deal for the privately held company will expand its over-the-counter product portfolio to also include products like the yeast infection treatment Monistat and other feminine care brands.
Prestige also is acquiring tax attributes of about $100 million, which would lower the purchase price to $650 million.
Prestige Brands Holdings Inc. will use cash, its revolving credit agreement and an add-on it to its existing term loan to pay for the deal.
Prestige sells household cleaning products and other over-the-counter treatments like the sore throat remedy Chloraseptic and PediaCare.