Reckitt Benkiser has completed its agreement with Bristol-Myers Squibb Company (BMS), having received the necessary approvals.
As reported back in February, Reckitt signed a three-year collaboration agreement under which it will license a number of Latin American consumer health care brands from BMS.
According to the terms of the agreement, Reckitt will initially pay BMS $482m to enter into the arrangement which also includes personnel, supply contracts and an option to acquire legal title to the related intellectual property at the end of the collaboration period, based on business performance.
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The company will have the option to purchase at the end of the three year period.
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