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 has finally found the right deal to secure the long-awaited divestment of its prescription business, reaching an agreement worth just over $1.5bn with private equity firm Altaris Capital Partners.
Perrigo has moved to allay more serious concerns around its generic ProAir inhaler device, but concedes that it is highly unlikely the lucrative respiratory product will return to the market this year.
Mergers and acquisitions have long been a tool for value creation in the generics and biosimilars space. Even with the entire life sciences sector overwhelmed by the novel coronavirus pandemic, deals big and small continued in 2020.