Perrigo completes divestment of HRA Pharma Rare Diseases business to Esteve

Perrigo Company announced that it has completed the previously announced divestment of the HRA Pharma Rare Diseases business to Esteve Healthcare for a total consideration of up to EUR 275M, consisting of an upfront cash payment of EUR 190M, subject to customary net debt and working capital adjustments, and up to EUR 85M in potential earnout payments based on the Rare Diseases business achieving certain sales milestones. Perrigo expects to redeploy proceeds from the divestment for debt repayment. The impact from this transaction was included in the Company’s previously issued 2024 outlook. In 2023, the HRA Pharma Rare Diseases business delivered net sales of approximately EUR 50M and adjusted EBITDA of approximately EUR 20M.