P.M. BRIEFING : Rorer, P&G; Plan Joint Venture

Rorer Group Inc. today announced an alliance with Procter & Gamble Co. to develop and market prescription and over-the-counter pharmaceutical products.

The move comes one day after the suburban Philadelphia-based company announced a $1.7-billion agreement to merge operations with the pharmaceuticals operations of Rhone-Poulenc of Paris.

Under the terms of today’s joint venture, Procter & Gamble will obtain exclusive U.S. marketing and distribution rights to Rorer’s line of over-the-counter pharmaceuticals such as Maalox, Ascriptin and Perdiem.

Rorer, which will continue to manufacture the drugs, will gain rights to develop and market De-Nol, an anti-ulcer drug, and other prescription gastrointestinal compounds that Procter & Gamble has been developing.

Rorer will retain ownership of its brands, while Procter & Gamble will receive royalty payments for the prescription products. Both companies will share in the growth of the business.