Perrigo Takes Another Step On Planned Generic Exit
Divestiture Takes It Closer To Being A Consumer-Focused Self-Care Firm
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.
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Created in 2016 by consolidating five European companies, CNS specialist Neuraxpharm is changing hands, with funds advised by global investor Permira paying an undisclosed sum to take control of a business boasting annual revenues of around €460m ($541m) and more than 115 CNS molecules at its disposal.
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 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.