– Expands U.S. OTC market and gastrointestinal category leadership positions
– Leverages existing infrastructure including manufacturing expertise, innovation pipeline and expansive U.S. customer network
– Anticipated to be growth and adjusted margin accretive to Perrigo’s Worldwide Consumer business
Perrigo Company plc (NYSE; TASE: PRGO) announced today that it has entered into a definitive agreement to acquire the branded OTC rights to Prevacid® from GlaxoSmithKline. Under the terms of the agreement, Perrigo will have the exclusive rights to market, sell and distribute Prevacid®24HR in the United States OTC market. Financial terms of the agreement were not disclosed.
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Prevacid®24HR treats frequent heartburn (occurring 2 or more days a week) and is not intended for immediate relief of heartburn.
Perrigo CEO and President Murray S. Kessler commented, “This acquisition of the well-established brand Prevacid®24HR is another example of how tuck-in acquisitions can expand our robust self-care portfolio. This margin accretive asset strengthens our leadership position in a core category and is expected to accelerate brand and category growth. I am confident our team can enhance the value of the Prevacid® brand. Perrigo is in the unique position to leverage its 1) existing infrastructure and manufacturing expertise as we currently promote the active ingredient lansoprazole as a store brand product, 2) expansive U.S. customer network, and 3) innovation pipeline in the gastrointestinal category, which extends beyond current national brand offerings.”
Date: September 10, 2019
Source: Prnews Wire