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
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
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
Perrigo's consumer healthcare unit offers a range of health
and wellness products in the North American and European
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
($1 = 0.8461 euros)
(Reporting by Amruta Khandekar; Editing by Vinay Dwivedi)