Topic: How To Invest

Spinoffs & Takeovers Hotline – Friday, July 16, 2021

Article Excerpt

PERRIGO COMPANY PLC, $45.72, symbol PRGO on New York, is a Dublin-based drug company that sells both generic topical pharmaceutical products as well as over-the-counter store-branded consumer products for coughs, colds, allergies, etc. The over-the-counter products are made for retailers like Walmart, Walgreen, Kroger and, most recently, Amazon.com. They offer cheaper substitutes for name-brand products such as Pepcid AC, Sudafed PE, Nyquil and Claritin. On July 6, 2021, Perrigo announced that it had completed the sale of its Generic Rx Pharmaceuticals business to Alaris Capital Partners LLC for $1.55 billion. The Generic Rx business makes “extended topicals” to treat diseases at lower prices. Its diverse portfolio includes creams, foams, gels, liquids and inhalable products. In the three months ended April 3, 2021, Perrigo’s revenues fell by 6.8%, to $1.01 billion from $1.08 billion a year earlier. Sales were lower in part because consumers loaded up on Perrigo products in the year-ago quarter due to the pandemic. They were also lower due to the…