New Jersey's Merck & Co. Inc. licensed Nasonex, a prescription-only nasal spray for allergies, to Dublin-based Perrigo Co. plc.

Financial terms of the agreement were not disclosed.

With the exclusive license, Perrigo may market a nonprescription version of Nasonex in the U.S. The company still needs to secure regulatory approvals for the over-the-counter, or OTC, product.

"We are working diligently to bring this important product to consumers and customers more quickly than the average five-year OTC switch time frame," Perrigo President and CEO Uwe Roehrhoff said in a news release.

Prescription brand and generic market sales for Nasonex across the 12 months ended June reached about $214 million.