Teva-P&G joint venture teams up with Australia's Swisse Wellness
TEL AVIV Nov 19 (Reuters) - Israel's Teva Pharmaceutical Industries will join forces with Australian vitamins, minerals, and supplements (VMS) company Swisse Wellness through Teva's joint venture with Procter & Gamble Co, PGT Healthcare.
PGT Healthcare will partner with Swisse Wellness to begin expanding its range of more than 100 vitamins, minerals and supplements globally over the next few years, the companies said on Tuesday.
The licensing deal will integrate the companies' strengths to enable the rapid expansion of the Swisse brand of VMS products to new countries.
The collaboration will benefit from PGT Healthcare's consumer understanding, marketing scale, and global regulatory expertise with Swisse Wellness's VMS product development expertise, portfolio of more than 100 products, and unique marketing model.
Swisse Wellness products are available in Australia, New Zealand and the United States. The collaboration with PGT Healthcare encompasses all new markets in Europe, Asia and Latin America.
Under the agreement, Swisse Wellness products will be launched in parts of Europe and Asia in the next couple of years, with additional launches planned in more than 20 countries worldwide by the end of the decade.
Swisse Wellness aims to become one of the leading players in the $80 billion global VMS market.