P.M. BRIEFING : J&J-Merck; to Buy Into British Firm

FT. WASHINGTON, Pa. — The Johnson & Johnson-Merck Consumer Pharmaceuticals Co., a joint venture equally owned and operated by the two medical products giants, today announced it has reached an agreement to acquire the U.S. over-the-counter business of a British company.

Johnson & Johnson-Merck said the pact with ICI Americas Inc., a Wilmington, Del.-based subsidiary of petrochemical giant Imperial Chemical Industries PLC of London, includes the Mylanta line of antacid products and similar preparations. The companies said ICI Americas received the rights to Merck’s anti-depressant Elavil in addition to “cash and certain other obligations . . . estimated to total in excess of $450 million to ICI.”