Global healthcare company, Omega Pharma claims it is set to become the fifth largest OTC company in the UK & Ireland, increasing its annual turnover to £70m, with the acquisition of 10 leading OTC brands from GlaxoSmithKline.
The acquisition, currently undergoing regulatory approvals and expected to be completed in the second quarter of 2012, is part of Omega Pharma’s plans to achieve a leadership position within the UK & Ireland OTC market, the company said.
The privately-owned business, which employs in excess of 2,000 employees globally and is estimated to be worth over £1 million, currently holds eleventh position within the UK market.
Increasing the brand portfolio with household names such as Nytol, Solpadeine, Beconase and Zantac is a strategic move towards gaining critical mass in the UK and will allow Omega Pharma to deliver substantial value shares in several key OTC categories including sleep and stress aids (66.3%, No. 1), oral analgesics (9.1%, No. 3), indigestion remedies (8.5%, No.4) and hayfever (8.0%, No.4) as well as existing categories such as insect repellents (59.0%, No.1) warts & verrucas (18.1%, No.3) and head lice (12.6%, No.3), the company said.
The acquisition has been the latest move by Omega Pharma in growing its UK operation, including recently filling senior management positions.
Newly appointed managing director, Neil Lister, who joined from Procter & Gamble, said: “The company’s vision is to become the No.1 OTC company in Western Europe and the UK operation will play a big part in achieving that goal.
“Our focus will be on developing and expanding our portfolio of products with particular emphasis on innovation and we aim to form indispensable relationships with key retail partners to deliver disproportionate growth for the OTC market.”
In the next five years alone Omega Pharma said it plans to double retail sales. This will be achieved through investment in the UK OTC market, including attracting the best of the industry’s talent; as well as investing to grow the company’s latest innovations, Prevalin allergy and XLS-Medical; further bolstering its flagship brands, TCP, Wartner, Jungle Formula and Buttercup.