Perrigo completes divestiture of Generic Rx Pharmaceuticals

Murray Kessler Courtesy Perrigo

Perrigo Company plc completed the sale of its generic drug business to a New York-based private equity firm for $1.55 billion.

The Dublin-based global company — which has its North American headquarters in Allegan until it finishes its Grand Rapids headquarters next year — said last week that it completed the previously announced sale of its Generic Rx Pharmaceuticals business to Altaris Capital Partners for $1.55 billion, including $1.5 billion in cash with customary adjustments, completing Perrigo’s transformation to a global consumer self-care company.

The Rx business serves patients and health systems with extended topicals medications to treat ailments at more affordable prices, Perrigo said. The portfolio includes topical generic medicines in multiple dosage forms, including creams, foams, mousses, gels, liquids and inhalable products.

“Closing this transaction was another important milestone for Perrigo’s transformation,” said Murray Kessler, president and CEO of Perrigo. “We are now a leading, pure-play global consumer self-care company that has significant resources to invest and has a passionate and committed team that is dedicated to making our vision a reality — to make lives better by bringing quality, affordable self-care products consumers trust, everywhere they are sold. I am more excited than ever about the company’s future.

“I would like to thank the Rx team for their dedication throughout this process, and I am confident that they will continue to be successful in their mission of developing, manufacturing and distributing high-quality, affordable health care products.”

Centerview served as financial adviser and Wachtell, Lipton, Rosen & Katz served as legal counsel to Perrigo on the transaction.

J.P. Morgan was lead financial adviser, and Lead Left Arranger and Goldman Sachs & Co. were financial advisers and arrangers to Altaris Capital. Schiff Hardin LLP and Cleary Gottlieb provided legal counsel to Altaris.

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