Published in Health Care

Perrigo completes divestiture of animal health business

BY MIBIZ STAFF Tuesday, July 09, 2019 11:09am

ALLEGAN — Perrigo Co. plc completed the sale of its animal health business for $185 million to PetIQ LLC, an Eagle, Idaho-based pet health and wellness company.

The divestiture is part of a broad plan by President and CEO Murray Kessler to transform Perrigo (NYSE: PRGO) — which is domiciled in Dublin, Ireland, but run from Allegan — into a company focused on consumer health care products and medications.

“Completing the divestiture of the Animal Health business is an important step in the transformation of Perrigo into a consumer-focused self-care company,” Murray said in a statement.

The animal health business generated $93.9 million in net sales in 2018 for Perrigo, down from $141.3 million in 2017, with adjusted earnings of 8 cents per share.

Perrigo last week closed on the $750 million acquisition of Grand Rapids-based Ranir Global Holdings LLC, a marker of oral care products, as MiBiz previously reported.

Read 1689 times
SUBSCRIBE TO MIBIZ TODAY FOR WEST MICHIGAN’S FINEST BUSINESS NEWS REPORTING >