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J&J, Pfizer Unload Zantac

Boehringer Ingelheim will buy the heartburn aid for $509.5 million.
Author:

Pharmaceutical company

Boehringer Ingelheim

reached an agreement with

Johnson & Johnson

(JNJ) - Get Johnson & Johnson (JNJ) Report

and

Pfizer

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(PFE) - Get Pfizer Inc. Report

to buy the U.S. rights to over-the-counter heartburn treatment Zantac for $509.5 million.

The pharmaceutical giants are unloading the drug to help facilitate antitrust approval of Johnson & Johnson's acquisition of Pfizer's consumer health care unit. J&J agreed in June to acquire the consumer health business, which includes brands such as Listerine mouthwash and Lubriderm lotion, for roughly $16.6 billion.

J&J and Pfizer have already agreed to sell other brands; last week the companies announced a deal to sell five products to

Chattem

(CHTT)

.

The Zantac transaction is subject to approval by the Federal Trade Commission and the closing of J&J's purchase of the Pfizer businesses.