Perrigo Wary Of ‘Destroying’ Value Through Premature Sale
As Covid-19 ProAir Impact Revealed In First Quarter
Perrigo has been looking to separate its Prescription US generics business for almost two years but has ruled out an immediate or rushed transaction in existing market conditions. Meanwhile, management took the time to assess the financial rewards and ramifications of Perrigo’s recently-launched generic ProAir product, with demand “substantially higher than anticipated” in the wake of COVID-19.
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Perrigo management provided colorful commentary on Perrigo’s latest endeavors to separate the company’s US generics business, following the recent sale of Perrigo’s Rosemont Pharmaceuticals subsidiary for an “attractive” multiple.
Perrigo has expanded its agreement with Sol-Gel Technologies to cover ten products, shortly after warning that plans to separate the firm’s Prescription Pharmaceuticals US generics unit “in the short term” would likely “destroy shareholder value.”
Perrigo’s ambitions to become a consumer-focused company are a step closer after the firm announced an immediate sale of a ‘non-core’ asset.