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Perrigo Buys Consumer Self-Care Firm For $2.1B: Highlights

Perrigo Buys Consumer Self-Care Firm For $2.1B: Highlights
  • Perrigo Company plc (NYSE: PRGOwill acquire HRA Pharma, a consumer self-care company, from Astorg and Goldman Sachs Asset Management. The transaction is valued at €1.8 billion, or approximately $2.1 billion in cash. 
  • HRA has three self-care brands in blister care (Compeed), women's health (ellaOne), and scar care (Mederma). 
  • The acquisition would complete Perrigo's transformation to a consumer self-care firm and bolster Perrigo's presence in high-potential European markets.
  • The deal is expected to close by the end of 1H 2022 and would be accretive to Perrigo's 3% revenue growth goal.
  • HRA's net sales growth is expected to be in the mid-teen percentage range, with an adjusted operating margin near the 30% range.
  • Perrigo plans to save more than €30 million annually by 2023 from the operational synergies of the deal.
  • The synergies will add approximately €400 million in net sales and $1.00 in adjusted EPS in FY 2023.
  • Perrigo would pay the purchase price using cash on hand at closing. In addition, it may also consider new debt financing. 
  • As of June 30, Perrigo had cash and equivalents of $317.5 million.
  • Price Action: PRGO shares traded 1.68% higher at $42.30 premarket on the last check Wednesday.

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