Bristol-Myers Squibb (BMY) scored an over-the-counter drug deal with U.K. personal and health products maker Reckitt Benckiser on Tuesday valued at $438 million.

The three-year deal allows Reckitt to sell several of Bristol-Myers’ medicines across Latin America, primarily in Mexico and Brazil.

The transaction also includes a $44 million option fee that gives Reckitt the ability to buy certain Bristol-Myers brands outright at the end of the collaboration agreement.

The purchase would include the sales, marketing and distribution rights of the medicines, along with assets related to the products, including trademarks and remaining inventories.

During the three-year deal, however, Bristol-Myers will maintain manufacturing responsibility and Reckitt will be required to buy products from Bristol-Myers and pay royalties on product sales.

The New York-based pharmaceutical giant’s drugs in the deal include Picot, an antacid; Tempra, a pain reliever and fever reducer; Micostatin, an antifungal; and Graneodin, a cough and cold medicine -- all sold in Mexico -- as well as anti-rash scream Dermodex, anti-gas medicine Luftal and cold and fuel symptoms treatment Naldecon, sold primarily in Brazil.

In a statement, Bristol-Myers said the agreement allows it to increase its focus on the launch and commercialization of its portfolio in fast-growing markets like Latin America. The transaction is dependent on customary closing conditions, including antitrust laws in Mexico and Brazil.

Separately, Bristol-Myers said Tuesday that a U.S. federal court invalidated the patent on its Baraclude treatment for hepatitis B after a challenge from generic drug maker Teva Pharmaceuticals (TEVA).

Bristol-Myers filed suit against Teva in 2010 seeking to block an early introduction of Teva’s generic Baraclude. Bristol-Myers’ U.S. patent is expected to expire in Feb. 2015.

Follow Jennifer Booton on Twitter at @Jbooton