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Perrigo to buy HRA Pharma in $2.1 bln deal to expand self-care portfolio

09/08/2021 | 07:13am EST

Sept 8 (Reuters) - Perrigo Company Plc said on Wednesday it would buy HRA Pharma from investment firms Astorg and Goldman Sachs Asset Management in a deal valued at 1.8 billion euros ($2.13 billion) to bolster its over-the-counter self-care offerings, sending its shares up 6%.

The all-cash deal comes months after Perrigo sold its underperforming generics drugs business to Altaris Capital Partners LLC for $1.55 billion to focus on its core consumer healthcare business.

Paris-based HRA Pharma offers the Compeed brand of products to treat blisters and cracked heels, Mederma creams and gels to reduce scars and cold sores as well as pregnancy prevention pill ellaOne, which is available without a prescription in 59 countries.

HRA Pharma sales, like those of Perrigo, were hit due to the COVID-19 pandemic last year, as people avoided stepping out of their homes, but demand is now rebounding, Perrigo Chief Executive Officer Murray Kessler said on a call with analysts.

All three HRA leading brands will drive growth for Perrigo, with Compeed expanding into burns and cold sores care and ellaOne entering into new markets outside of Europe, Kessler added.

Perrigo's consumer healthcare unit offers a range of health and wellness products in the North American and European markets.

The company said the deal will add about 400 million euros ($472.56 million) to its net sales and $1 to its adjusted earnings per share in fiscal year 2023. The acquisition will also help Perrigo expand its footprint in key underpenetrated European markets, the company said.

Centerview Partners was Perrigo's financial adviser on the deal, which is expected to close by the end of the first half of 2022.

($1 = 0.8461 euros) (Reporting by Amruta Khandekar; Editing by Vinay Dwivedi)

ę Reuters 2021
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