DUBLIN, Aug. 11, 2020 /PRNewswire/ -- Perrigo Company plc (NYSE; TASE: PRGO), a leading global provider of Quality, Affordable Self-Care Products, today announced that it will acquire three Eastern European OTC skincare and hair loss treatment brands (Emolium®, Iwostin® and Loxon®) from Sanofi. Trailing twelve months net sales ending June 30, 2020 for these products were approximately €21 million or approximately $23 million*. Other terms of the transaction were not disclosed.
Perrigo President and CEO Murray S. Kessler commented, "We continue to prioritize opportunities that build on our self-care transformation and seek bolt-on assets that support our five growth pillars. We are pleased to add these margin enhancing assets to strengthen our international self-care portfolio and deliver value for our shareholders."
Perrigo Executive Vice President and President of CSCI Svend Andersen commented, "Now is the right time to be more assertive within the large and growing European self-care marketplace. During the last three years, CSCI focused on improving its adjusted operating margin by 1) exiting or divesting products and businesses that were not in-line with our strategy, 2) rationalizing more than two-thirds of our CSCI SKU's, including marginally profitable products, and 3) bringing more manufacturing in-house. Margin enhancing self-care acquisitions that fit within our product portfolio and add needed scale to certain countries are the logical next step in this strategy. The addition of these market-leading OTC brands serves as another step for Perrigo's CSCI growth plans, expands our already robust skincare franchise and adds scale to our Eastern Europe business."
The transaction is expected to close early in the fourth quarter, subject to customary closing conditions. Sawaya Partners, LLC served as the financial advisor to Perrigo.
*Translated from Euro to USD at the average 12-month exchange rate ending 6/30/2020 of $1.10848.
About Perrigo Perrigo Company plc (NYSE; TASE: PRGO) is dedicated to making lives better by bringing Quality, Affordable Self-care Products that consumers trust everywhere they are sold. The Company is a leading provider of over-the-counter health and wellness solutions that enhance individual well-being by empowering consumers to proactively prevent or treat conditions that can be self-managed. Visit Perrigo online at http://www.perrigo.com.
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