Perrigo (PRGO) to Acquire Lumara Health's Women's Healthcare Unit in $82M Deal
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Perrigo (NYSE: PRGO) has signed a definitive agreement to acquire a portfolio of women's healthcare products from Lumara Health, Inc., a privately-held, Chesterfield, Missouri-based specialty pharmaceutical company, for $82 million in cash. The acquired portfolio generated more than $15 million in net revenues during the twelve months ended March 31, 2014. Additional terms of the transaction were not disclosed.
The acquisition is expected to be modestly accretive to adjusted EPS for fiscal 2015 after the exclusion of estimates for intangible amortization, transaction costs and integration related expenses.
Perrigo Chairman, President and CEO Joseph C. Papa stated, "I'm excited to announce the addition of these women's healthcare products to Perrigo's Specialty Rx portfolio. Perrigo is uniquely positioned to realize potential manufacturing synergies given the fact that we currently manufacture two of the three products included in this portfolio for Lumara. Additionally, the team intends to increase promotional efforts of these three products, which achieved peak sales of approximately $78 million before two of these products were removed from the market due to production issues. These prescription products have high barriers to entry and are of strategic interest to Perrigo as we continue to pursue opportunities that strengthen our leadership position within the niche Rx extended topical space. This acquisition serves as another example of our commitment to offering quality healthcare alternatives that are affordable for consumers around the globe."
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