Bristol-Myers Squibb will offload rights to a range of over-the-counter products to Reckitt Benckiser

UK consumer goods giant Reckitt Benckiser has struck a $482 million (£310 million) deal to buy from Bristol-Myers Squibb (BMS) rights to a range of over-the-counter drugs in parts of Latin America, including Brazil and Mexico.

The deal includes: Naldecon (cough and cold brand), Luftal (anti-flatulence) and Dermodex (nappy rash) in Brazil; and Graneodin-B (sore throat), Picot (heartburn) and Tempra (pain relief) in Mexico.

Reckitt will pay BMS $482 million up front for personnel, supply contracts and an option to gain rights to the patents at the end of the three year collaboration period, based on business performance.

The deal follows Reckitt’s $1.4 billion deal to buy US supplements manufacturer Schiff Nutrition, which in November 2012 trumped a $1.2 billion bid from Bayer.