Britain’s Boots Buying Clearasil Brand

Boots Co., Britain’s largest drugstore chain, is buying Clearasil, the world’s best-selling acne treatment, from Procter & Gamble Co. for $340 million in cash. The acquisition will give Boots its first foothold in the U.S. and help raise its profile in Europe’s health-care products market, a company spokesman said. Cincinnati-based Procter & Gamble, which also makes Crest toothpaste, Tide detergent and Olay skin-care products, is unloading what it sees as minor brands in an effort to restore sagging profit. Boots plans to shift production of Clearasil to Britain from its current manufacturing sites in Ireland, Germany, Japan, South Africa and Puerto Rico. As many as 75 Procter & Gamble jobs could be affected. Clearasil is sold in more than 50 countries and leads the over-the-counter market in the U.S., which accounts for the bulk of its sales. It also is the best-selling acne treatment in much of Europe. Procter & Gamble shares rose $1.38 to close at $73.31 on the NYSE.