Bristol to Sell Division to Novartis

Bristol-Myers Squibb Co. said it had reached an agreement to sell its U.S. and Canadian consumer medicine business to Novartis for $660 million in cash.

The division, which reported $242 million in sales last year, includes Excedrin for headaches, cold and flu medicine Comtrex and Keri moisturizers.

Novartis’ consumer product division includes Ex-Lax laxative, Maalox antacid, Theraflu adult cold and flu treatment and Triaminic for children’s coughs and colds.

Novartis spokesman Nehl Horton said the deal would improve the company’s over-the-counter offering and give it more clout with distributors.

Shares of Bristol-Myers gained 17 cents Thursday to close at $25.07.

Novartis shares rose $1.08 to $48.28.