Prestige Brands Holdings Inc, a marketer and distributor of healthcare and cleaning products, said it would purchase rival Insight Pharmaceuticals Corp for $750 million in cash to expand its range of feminine care products.Prestige, known for its Dramamine motion sickness pills and Comet cleaning products, said it would also acquire tax attributes with a present value of about $100 million as part of its largest ever acquisition.Insight Pharmaceuticals, whose investors include Swander Pace Capital and Ontario Teachers' Pension Plan, sells the Monistat brand of over-the-counter yeast infection treatment and home pregnancy tests.This is the second acquisition by Prestige in less than two weeks. The company agreed last week to buy Hydralyte, an over-the-counter oral rehydration brand, from Australia-based Hydration Pharmaceuticals Trust for an undisclosed amount. (link.reuters.com/fyn58v)
Prestige Brands Holdings, Inc. (Prestige) is a holding company. Shares of PBH fell by 0.91% or $-0.25/share to $27.31. In the past year, the shares have traded as low as $24.94 and as high as $36.69. On average, 410363 shares of PBH exchange hands on a given day and today's volume is recorded at 383228.
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