Published in Health Care

Perrigo sells generic drug biz to U.K. pharmaceutical company

BY MiBiz Staff Friday, June 19, 2020 03:16pm

Perrigo Co. plc has sold its generic prescription drug business to United Kingdom-based Rosemont Pharmaceuticals Ltd for $195 million in cash.

The deal announced this morning follows a transformation plan Perrigo President and CEO Murray Kessler put in place in 2019 to transform the company into a producer of “self-care” products, focused on its core over-the-counter, store-brand medication business.

“This divestiture, which was accomplished at an attractive ten times adjusted operating income multiple, is an example of Perrigo’s commitment to our transformation to a consumer-focused self-care company while remaining good stewards of shareholder value,” Kessler said in a statement.

Perrigo generated $53 million in net sales in 2019 and 12 cents adjusted diluted earnings per share from the business sold to Rosemont.

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