Prestige Brands Holdings Inc, a marketer and distributor of healthcare and cleaning products, said it would purchase Insight Pharmaceuticals Corp and seek further acquisitions to expand its range of feminine care products.The company, known for its Dramamine motion sickness pills and Comet cleaning products, said the $750 million purchase of Insight was its largest acquisition ever and second in as many weeks.Prestige's shares rose as much as 17 percent by late morning on the New York Stock Exchange, although trading volumes were lower than average.The company, which sells female hygiene products under the Massengill brand, said Insight's Monistat yeast infection treatment had a 53 percent market share and would become Prestige's largest brand with annual sales of about $100 million.
Prestige Brands Holdings, Inc. (Prestige) is a holding company. Shares of PBH traded higher by 16.04% or $4.38/share to $31.69. 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 633985.
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