Perrigo Company plc, today announced that it has reached a definitive agreement to sell its Animal Health business to PetIQ in a transaction valued at $185 million in cash. This transaction is consistent with Perrigo’s plans to transform itself into a consumer-focused, self-care company.
Perrigo CEO and President Murray S. Kessler commented, “We are pleased to have reached an agreement with PetIQ on selling our Animal Health business and look forward to working with them to ensure a seamless transition. This divestiture helps us focus our portfolio on the consumer self-care market. In PetIQ’s hands, we have no doubt the Animal Health business will be in a strong position to execute on its strategy.”
In calendar year 2018, Perrigo realized $94 million in net sales and $0.08 of adjusted diluted EPS from the Animal Health business. The transaction is subject to customary closing conditions. William Blair is serving as exclusive financial advisor to Perrigo on the transaction. Morgan, Lewis and Bockius is serving as Perrigo’s legal counsel.
Date: May 13, 2019
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Source: Market Watch