Reckitt Benckiser (RB) is shelling out $482 million for access to some of Bristol-Myers Squibb's over-the-counter drugs (OTC) in Latin America.

The British consumer goods group has entered into an agreement with the US drugmaker for a three-year licence to sell a number of "market-leading" OTC brands in Brazil, Mexico and certain other parts of Latin America.

The brands gained under the deal include: Tempra, the number one adult and paediatric painkiller in Mexico; Picot, the top selling antacid in the country; and Naldecon, the leading cough and cold brand in Brazil.

After the three-year term, RB has the option to purchase legal rights and intellectual property to the drugs, which will presumably depend on their performance during the period.

The move should give Reckitt a nice stepping stone into Latin America's emerging markets, creating "a material consumer healthcare platform, infrastructure and distribution network" for the firm in both Brazil and Mexico, its chief executive Rakesh Kapoor explained.

The company has made no secret of its plans to grow its European focus to a global one. And it's deal with B-MS comes just a few months after it's $1.4 billion purchase of Schiff Nutrition International, the USA-based maker of vitamins, minerals and supplements.