Cold-EEZE will become Mylan's largest US OTC brand franchise.

Mylan has agreed to acquire global rights to Cold-EEZE brand cold remedy line from ProPhase Labs.

The 20-year old Cold-EEZE brand includes a family of leading over-the-counter (OTC) cold remedies currently sold in the US market, including zinc-based lozenges, gummies, oral sprays, capsules and oral liquid dose forms. Cold-EEZE cold remedy zinc gluconate lozenges are a leading product in the homeopathic category and have been clinically shown to reduce the duration of the common cold. With strong brand recognition in the pharmacy and a growing and loyal customer base, Cold-EEZE will become Mylan's largest US OTC brand franchise and further augment its growing US OTC business.

Mylan President Rajiv Malik commented: "The acquisition of Cold-EEZE further builds upon our $1 billion global OTC business and helps us to enhance our presence in the US OTC market. We are excited to add another strong brand to our US portfolio and see potential to build on its success by leveraging our expertise in the respiratory area. We also look forward to continuing to expand our presence in the global OTC market through product acquisitions, marketing and line extensions, and opportunities to leverage our portfolio into new markets."

Under the terms of the agreement, Mylan, through its US OTC subsidiary, will purchase substantially all of the assets and other rights relating to the Cold-EEZE brand, including all US businesses and US and international trademarks. The closing of the proposed sale, which is currently expected to occur in the first quarter of 2017, is subject to approval of the shareholders of ProPhase Labs and other customary closing conditions.