Perrigo acquires skincare and hair loss treatment brands from Sanofi
Ireland-based Perrigo Company has agreed to acquire three over-the-counter (OTC) skincare and hair loss treatment brands sold across Eastern Europe, namely Emolium, Iwostin, and Loxon, from French pharma giant Sanofi.
Financial terms of the deal were not disclosed by the parties.
According to Perrigo Company, the products to be acquired have trailing 12 months net sales ending 30 June 2020 of around €21 million.
The acquisition of Emolium, Iwostin, and Loxon is said to grow Perrigo Company’s Consumer Self-Care International’s (CSCI) dermatology platform into growing geographies. Besides, the acquired brands are expected to leverage CSCI’s skincare competencies and full product pipeline to drive revenue synergies in the future.
Svend Andersen – Perrigo Executive Vice President and President of CSCI said: “Now is the right time to be more assertive within the large and growing European self-care marketplace. During the last three years, CSCI focused on improving its adjusted operating margin by 1) exiting or divesting products and businesses that were not in-line with our strategy, 2) rationalizing more than two-thirds of our CSCI SKU’s, including marginally profitable products, and 3) bringing more manufacturing in-house.
“Margin enhancing self-care acquisitions that fit within our product portfolio and add needed scale to certain countries are the logical next step in this strategy. The addition of these market-leading OTC brands serves as another step for Perrigo’s CSCI growth plans, expands our already robust skincare franchise and adds scale to our Eastern Europe business.”