Market News

Perrigo Completes Sale of Generic Rx Pharmaceuticals Business $1.55B

Consumer self-care products company Perrigo Company plc (PRGO) recently announced that it has completed the sale of its Generic Rx Pharmaceuticals business. The company has sold the business to Altaris Capital Partners for $1.55 billion.

The Rx business serves patients with ‘extended topicals’ to treat diseases at affordable prices. Its diverse portfolio includes creams, foams, gels, liquids and inhalable products. With the conclusion of this sale, Perrigo completes its transformation as a pure-play global consumer self-care company.

CEO of Perrigo Murray S. Kessler said, “Closing this transaction was another important milestone for Perrigo’s transformation. We are now a leading pure-play global consumer self-care company that has significant resources to invest and has a passionate and committed team that is dedicated to making our vision a reality.” (See Perrigo stock chart on TipRanks)

Two months ago, RBC Capital analyst Daniel Busby reiterated a Hold rating on the stock with a price target of $51. Busby’s price target implies upside potential of 8.7% from current levels.

Consensus among analysts is a Hold based on 2 unanimous Holds. The average Perrigo price target stands at $51, which implies upside potential of 8.7% from current levels. Shares have declined 15% over the past year.

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