GlaxoSmithKline (NYSE: GSK) is pocketing $660 million for selling 17 over-the-counter brands in the U.S. and Canadian markets to Prestige Brands Inc. (NYSE-PBH), the companies say.

The brands sold include BC, Goody’s, Beano, Ecotrin, Fiber Choice and Tagamet. Prestige sells a wide array of consumer health and cleaning products, including widely recognized brands such as Dramamine, Efferdent, Luden’s, PediaCare, Comet cleanser and Spic and Span.

GSK said earlier this year that it was shopping non-core OTC brands it sells in the U.S. and Europe.

Prestige CEO Matthew M. Mannelly, issued a statement Tuesday saying, “The signing of these agreements with GSK is a transformational event for Prestige Brands. It fulfills our commitment to create shareholder value by acquiring well-known OTC brands with strong consumer franchises and applying our marketing and sales expertise to them. These transactions, upon completion, will be the largest acquisitions of assets in the Company’s history.”

“The disposal of our non-core consumer brands is about realising attractive value for shareholders as well as simplifying our ongoing Consumer business and allowing it to focus on its priority brands and markets,” GSK’s chief financial officer, Simon Dingemans said in a statement.

The deal is expected to close in the first half of next year, GSK said.

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