Perrigo Writes Off $202m Of Value Amid ProAir Recall And Relaunch Uncertainty
Impairment Charge May Be Ten-Times Previous Estimate
Perrigo remains unable to say exactly when it will be able to relaunch its generic to Teva’s ProAir, a position that has left the company with no choice but to impair significantly the value of the asset in the firm’s financial third quarter.
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Perrigo says its deal to divest its Rx business remains “on track,” with the company shunting the prescription unit into “discontinued operations” in the first quarter as it trains its focus on the firm’s future growth engine of consumer self-care.
Sandoz has struck a US deal to in-license both branded Proventil HFA and an authorized generic version of the albuterol sulfate product from Kindeva Drug Delivery. The deal comes after a busy year for generic versions of albuterol that have transformed the market dynamics for the respiratory treatment.
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.