fbpx
Published in Health Care
A rendering of Perrigo’s planned North American headquarters in downtown Grand Rapids. A rendering of Perrigo’s planned North American headquarters in downtown Grand Rapids. COURTESY PHOTO

Perrigo plans $2.1 billion acquisition to mark ‘crowning achievement’ in transition to self-care company

BY Wednesday, September 08, 2021 09:10am

Perrigo Co. plc plans to buy a European maker of over-the-counter self-care products for $2.1 billion in cash, the company announced today.

The proposed acquisition of Paris-based HRA Pharma from investment firms Astorg and Goldman Sachs Asset Management would strengthen Perrigo’s position in Europe and add $472 million in sales and $1 in per-share adjusted earnings by 2023. The deal could close by the end of the first half in 2022, pending regulatory approvals.

“Over the last two and one-half years, we have been on a journey to transform Perrigo into a focused and high-performing consumer self-care company, all while delivering a successful track record of well executed acquisitions and divestitures. The acquisition of HRA would be the crowning achievement in that transformation,” Perrigo President and CEO Murray Kessler said in a statement. “The complementary geographic footprint of HRA to that of Perrigo would allow for significant and actionable synergies. And it is the totality of these factors that makes the combination of Perrigo and HRA strategically and financially compelling. It’s literally a one-of-a-kind opportunity to simultaneously enhance our financial profile, while driving even greater value for consumers, shareholders and the communities in which we work and live.”

Perrigo announced this morning that it signed a binding offer for HRA Pharma, which produces over-the-counter women’s health and blister and skin care products.

The proposed acquisition follows the sale of Perrgo’s generic drug business to Altaris Capital Partners LLC for $1.55 billion that closed in July. Perrigo intends to finance the transaction with cash on hand.

Read 2847 times
SUBSCRIBE TO MIBIZ TODAY FOR WEST MICHIGAN’S FINEST BUSINESS NEWS REPORTING >