ALLEGAN — Perrigo Co. plc intends to buy three skin care and hair loss brands from French pharmaceutical company Sanofi.
The company said today it signed a definitive agreement with Paris-based Sanofi to acquire the three treatments, which in the 12 months leading up to June 30 generated combined sales of $23 million.
“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 President and CEO Murray Kessler said.
Perrigo, which is based in Dublin, Ireland and operated from Allegan, expects the deal to close in the fourth quarter. Terms were undisclosed.
New York City-based Sawaya Partners LLC served as the financial adviser to Perrigo in the transaction.
In a conference call last week with brokerage analysts to discuss quarterly results, Kessler said Perrigo would resume looking for bolt-on acquisition after transactions “came to a bit of a halt in the height of this crisis” caused by the COVID-19 pandemic.
“And frankly, it’s still very difficult to do due diligence. We, obviously, have built a lot of cash, so we are restarting our process,” Kessler said. “We had some in the pipeline beforehand, so you may see something sooner than later, but the process isn’t fully up in and running again. But we’re in a good position.”