ConTIPI will remain independent for now, and Procter & Gamble will continue to distribute its products.
Consumer products giant Procter & Gamble Company (NYSE: PG) will not acquire Israel's ConTIPI Ltd., which has developed a tampon-like product that absorbs the odor of urine. Negotiations for the sale of ConTIPI at $15 million and milestones failed to make progress, and ConTIPI will remain independent for now. Procter & Gamble will continue to distribute its products.
The distribution agreement between the companies, signed in 2007, is undergoing pilots in several countries. The acquisition of ConTIPI was supposed to supersede the distribution agreement. ConTIPI CEO Ilan Ziv declined to comment on the report.
ConTIPI's flagship product is slated for distribution in the US in 2011. It will be distributed as a non-prescription product in supermarkets and pharmacies, although a doctor's recommendation will be required. The product will be shelved near Procter & Gamble feminine hygiene products.
Published by Globes [online], Israel business news - www.globes-online.com - on October 17, 2010
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