GlaxoSmithKline has entered into an agreement with AstraZeneca to acquire a number of over-the-counter medicines predominantly sold in Sweden.

GlaxoSmithKline has entered into an agreement with AstraZeneca to acquire a number of over-the-counter medicines predominantly sold in Sweden.

The global pharmaceutical and healthcare business will acquire AZ Tika, a company wholly owned by AstraZeneca, for some £146 million in cash. AZ Tika’s product portfolio includes analgesics, decongestants, and treatments for gastrointestinal disorders. The brands are sold in the Nordic region, with the majority of sales concentrated in Sweden.

GSK aims to boost sales and cost synergies through the addition of the AZ Tika brands into its existing portfolio. In 2007, its products portfolio recorded net sales of £27 million.

John Clarke, president of GSK Consumer Healthcare, said: “This agreement reflects our growth strategy of building global brand franchises through acquisitions as well as organic growth. Specifically, this will strengthen our regional position in analgesic medicines, one of the largest categories in the global over-the-counter market.”