Business & Finance
Perrigo agrees to sell Rosemont Pharmaceuticals business to UK-based private equity firm
22 June 2020 -

Ireland-based Perrigo Company plc (NYSE; TASE: PRGO) has signed a contract to sell its United Kingdom-based Rosemont Pharmaceuticals business to a United Kingdom-based private equity firm, it was reported on Friday.

The deal is valued at GBP156m in cash. The transaction was signed and closed on the same day and is part of Perrigo's transformation to a consumer-focused self-care company.

Perrigo CEO and president, Murray S Kessler, said, 'We are pleased to have reached an agreement to divest Perrigo's non-core Rosemont business and look forward to ensuring a seamless transition. This divestiture, which was accomplished at an attractive ten times adjusted operating income multiple, is an example of Perrigo's commitment to our transformation to a consumer-focused self-care company while remaining good stewards of shareholder value. We thank the Rosemont employees for their service to Perrigo and are confident the business will do well under new ownership.'