J.P. Morgan Reports PG And TEVA Announce A JV

J.P. Morgan has issued a report on the announced JV between Procter & Gamble

and Teva Pharmaceutical Industries

. According to the report, "Procter has often talked about its desire to grow the OTC platform and partnering with outside companies to improve product pipeline is something it has also been vocal about. PG will have 51% ownership of the JV, which will be run by both Procter's (CEO and CFO) and Teva's people (

). As part of the JV, Teva will be responsible for all the manufacturing and quality assurance for the JV, as well as for PG's North American business. While Procter will maintain ownership of their North American business (which accounts for about 75% of its consumer healthcare platform), if they develop a new brand in North America utilizing the resources from the JV, that will fall under the JV."