October 4, 2016 / 11:27 PM / 2 years ago

CORRECTED-Brazil's Hypermarcas receives $175 mln balance on condom unit sale

(Removes incorrect reference in first paragraph to company being Brazil’s largest maker of generic drugs)

SAO PAULO, Oct 4 (Reuters) - Brazilian drugmaker Hypermarcas SA on Tuesday received 570.8 million reais ($175.32 million) from Reckitt Benckiser PLC, the final payment from the sale of its condom division, according to a securities filing.

In total, the updated value of the deal is 705.8 million reais, the filing added. When the company announced the deal in January, it stated the sale price was 675 million reais.

The disposal of its condom division followed the sale of Hypermarcas’ cosmetics unit to France’s Coty for 3.8 billion reais in November.

Proceeds from both sales should help the company to reduce debt, Hypermarcas said.

Brazil’s antitrust watchdog approved the transaction with Reckitt on Sept. 14 on condition that the buyer sells K-Y, a lubricant brand that was also part of the deal. ($1 = 3.2558 reais) (Reporting by Ana Mano; Editing by Cynthia Osterman)

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