Altaris Capital Partners to Acquire Prescription Pharmaceuticals Business from Perrigo

New York, NY—Altaris Capital Partners, LLC (collectively with its affiliates, “Altaris”) announced today that it has entered into an agreement to acquire the prescription pharmaceuticals business (“Rx”) of Perrigo Company plc (NYSE; TASE: PRGO) for total consideration equal to approximately $1.55 billion. The acquisition is expected to close in calendar year 2021, subject to customary closing conditions.

Perrigo’s Rx business is a leader in the generic prescription pharmaceutical industry and has more than 1,300 employees across six locations in the United States and Israel. The company’s diversified and specialized portfolio consists of over 200 product families and 800 SKUs, with a focus on extended topical dosage forms, including creams, ointments, lotions, gels, foams, liquids and nasal sprays.

The company has a long track record of launching first-to-file and first-to-market generic pharmaceutical products that have helped to make prescription products more affordable for patients and reduce costs for the healthcare system. In addition, Rx is a market-leading provider of pharmaceutical products and medical equipment in Israel. Following closing of the transaction, Perrigo Rx will be renamed and headquartered in the United States.

“I am thrilled that we are working with Altaris to establish Perrigo’s Rx business as an independent company,” said Sharon Kochan, President of Rx. “This is a very important and exciting milestone that will enable us to focus on executing our ambitious plans and growth strategy. Altaris’ healthcare specialization and experience with similar business separations will bring unique, fresh and relevant perspectives as we embark on the next phase of our journey.”

George Aitken-Davies, Co-founder and Managing Director of Altaris, commented, “We are delighted to be partnering with the management team and employees of Perrigo’s prescription pharmaceuticals business.” Garikai Nyaruwata, Managing Director of Altaris, added, “Given our experience in the pharmaceutical sector and track record of corporate carve-out transactions, we believe we are well-positioned to support the Rx business as it becomes a standalone company focused on its mission of developing and marketing affordable pharmaceutical products.”

Altaris is an investment firm focused exclusively on the healthcare industry with $5.2 billion of equity capital under management. Altaris targets companies that deliver value to the healthcare system by improving patient outcomes, eliminating unnecessary costs, increasing efficiency and aligning stakeholder incentives. Since inception in 2003, Altaris has made more than 40 platform investments. Altaris is headquartered in New York, NY. For more information, please visit www.altariscap.com.

J.P. Morgan is serving as lead financial advisor and Lead Left Arranger and Goldman Sachs & Co. is serving as financial advisor and Arranger to Altaris. Schiff Hardin LLP and Cleary Gottlieb are providing legal counsel to Altaris. Perrigo is being advised by Centerview Partners LLC and Wachtell, Lipton, Rosen & Katz LLP.