Moberg Pharma AB sold its diaper rash brand to Randob Labs for nearly $4.3 million, plus the inventory value at closing.
The Balmex brand comprises products for treating and preventing diaper rash, which Moberg acquired from Sanofi unit Chattem Inc. in April 2015. The sale allows the Swedish pharmaceutical company to funnel its resources on its larger and more profitable brands.
Randob Labs is a New York-based maker of insect sting and sleeplessness therapies.
The transaction is expected to result in a capital gain of about $500,000 for Moberg and is anticipated to close in April.
