Perrigo Receives Offer to Divest its Rare Diseases Business for up to $295 Million

Rare Daily Staff

Perrigo Company, a provider of consumer self-care products, said that Spanish pharmaceutical company Esteve Healthcare has signed a binding offer to acquire Perrigo’s HRA Pharma Rare Diseases business for a total consideration of up to $295 million (€275 million).

HRA Pharma Rare Diseases has a portfolio of medicines that address Cushing’s syndrome and adrenal cortical carcinoma.

Esteve’s offer consists of an upfront cash payment of $204 million (€190 million) and up to $91 million (€85 million) in potential earnout payments based on the Rare Diseases business achieving certain sales milestones. Following the information and consultation process with HRA Pharma Works Council in France, Perrigo would be able to exercise the put option granted by ESTEVE and enter into a definitive agreement with ESTEVE for the sale of the Rare Diseases business with the proposed final transaction expected to close during the third quarter of 2024, subject to the satisfaction of the HRA Works Council consultation and customary closing conditions, including receipt of regulatory approvals.

“This transaction aims to advance on the path of covering the unmet patients’ needs, in line with Esteve’s purpose of improving people’s lives, and is another step towards the company’s vision of being an international and specialist pharma company,” said Staffan Schüberg, CEO of Esteve.

Photo: Staffan Schüberg, CEO of Esteve