Altaris Capital Partners to acquire Perrigo Rx business for $1.5bn

Altaris Capital Partners has agreed to acquire the prescription pharma (Rx) business of Perrigo Company plc, an Ireland-based pharma company, for about $1.55 billion.

The Rx business of Perrigo employs over 1,300 employees in six locations in the US and Israel. Its generic medicines portfolio consists of more than 200 product families and 800 stock-keeping units (SKUs).

The portfolio has a focus on extended topical dosage forms which include creams, lotions, ointments, foams, gels, liquids and nasal sprays.

Garikai Nyaruwata – Managing Director of Altaris Capital Partners said: “Given our experience in the pharmaceutical sector and track record of corporate carve-out transactions, we believe we are well-positioned to support the Rx business as it becomes a standalone company focused on its mission of developing and marketing affordable pharmaceutical products.”

Altaris Capital Partners to acquire Perrigo Rx business for $1.5bn. Photo courtesy of Tumisu from Pixabay.

Upon completion of the deal, Perrigo Rx will be renamed and based in the US.

Sharon Kochan – President of Perrigo Rx said: “I am thrilled that we are working with Altaris to establish Perrigo’s Rx business as an independent company.

“This is a very important and exciting milestone that will enable us to focus on executing our ambitious plans and growth strategy. Altaris’ healthcare specialization and experience with similar business separations will bring unique, fresh and relevant perspectives as we embark on the next phase of our journey.”

The deal, which is subject to customary closing conditions, is likely to close in the course of this year.