DOYLESTOWN, Pa. (AP) - The Pennsylvania-based maker of Cold-Eeze throat lozenges has announced that it has sold the brand to another pharmaceutical company for $50 million.
Under the terms of the deal, Canonsburg-based Mylan has agreed to purchase a majority of the Doylestown-based ProPhase Labs Inc.’s assets and other rights related to the Cold-Eeze brand.
ProPhase has retained ownership of its Lebanon County plant and will continue working on developing dietary supplements and a male sex drive pill.
The company reported sales of around $20 million in its latest annual report. ProPhase operated at a loss in eight of the past 10 years.
Mylan has been the object of criticism since the company hiked up the price of the EpiPen, an emergency epinephrine injector used by people with severe allergies.
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