Perrigo Enters New Therapeutic Category With The Acquisition Of Women's Health Product Portfolio From Lumara Health
-- Expands Perrigo's Specialty Rx portfolio to include extended topical products in the women's healthcare category
-- Portfolio generated more than $15 million in net revenues during the twelve months ended March 31, 2014
-- Acquisition is anticipated to be modestly accretive to adjusted EPS and slightly dilutive to GAAP EPS in fiscal year 2015 and accretive to ROIC in fiscal 2016
DUBLIN, Sept. 29, 2014 /PRNewswire/ -- Perrigo Company plc (NYSE: PRGO; TASE) announced today that it has signed a definitive agreement to acquire a portfolio of women's healthcare products from Lumara Health, Inc., a privately-held, Chesterfield, Missouri-based specialty pharmaceutical company, for $82 million in cash. The acquired portfolio generated more than $15 million in net revenues during the twelve months ended March 31, 2014. Additional terms of the transaction were not disclosed.
The acquisition is expected to be modestly accretive to adjusted EPS for fiscal 2015 after the exclusion of estimates for intangible amortization, transaction costs and integration related expenses.
Perrigo Chairman, President and CEO Joseph C. Papa stated, "I'm excited to announce the addition of these women's healthcare products to Perrigo's Specialty Rx portfolio. Perrigo is uniquely positioned to realize potential manufacturing synergies given the fact that we currently manufacture two of the three products included in this portfolio for Lumara. Additionally, the team intends to increase promotional efforts of these three products, which achieved peak sales of approximately $78 million before two of these products were removed from the market due to production issues. These prescription products have high barriers to entry and are of strategic interest to Perrigo as we continue to pursue opportunities that strengthen our leadership position within the niche Rx extended topical space. This acquisition serves as another example of our commitment to offering quality healthcare alternatives that are affordable for consumers around the globe."
From its beginnings as a packager of generic home remedies in 1887, Perrigo Company plc, headquartered in Ireland, has grown to become a leading global healthcare supplier. Perrigo develops, manufactures and distributes over-the-counter (OTC) and generic prescription (Rx) pharmaceuticals, nutritional products and active pharmaceutical ingredients (API), and receives royalties from Multiple Sclerosis drug Tysabri®. The Company is the world's largest manufacturer of OTC healthcare products for the store brand market and an industry leader in pharmaceutical technologies. Perrigo's mission is to offer uncompromised "Quality Affordable Healthcare Products®" and it does so across a wide variety of product categories primarily in the United States, United Kingdom, Mexico, Israel and Australia, as well as more than 40 other key markets worldwide, including Canada, China and Latin America. Visit Perrigo on the Internet (http://www.perrigo.com).
Note: Certain statements in this press release are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. These statements relate to future events or the Company's future financial performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Company or its industry to be materially different from those expressed or implied by any forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential" or other comparable terminology. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company's control. These and other important factors, including those discussed under "Risk Factors" in the Company's Form 10-K for the year ended June 28, 2014, as well as the Company's subsequent filings with the Securities and Exchange Commission, may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements in this press release are made only as of the date hereof, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Logo - http://photos.prnewswire.com/prnh/20120301/DE62255LOGO
SOURCE Perrigo Company plc
For further information: Arthur J. Shannon, Vice President, Investor Relations and Global Communications, (269) 686-1709, firstname.lastname@example.org, or Bradley Joseph, Director, Investor Relations and Global Communications, (269) 686-3373, email@example.com