Perrigo Closes $1.5B Sale of Generic Prescription Drugs Business

Self-care and over the counter (OTC) products maker Perrigo Co. plc said Tuesday that it has closed the $1.55 billion sale of its generic prescription pharmaceuticals business Padagis LLC to investment firm Altaris Capital Partners.

Padagis, also known as Perrigo’s Generic Rx Pharmaceuticals business, operates six locations in the US and Israel and employs over 1,300 workers. Its portfolio contains 800 SKUs, 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,” Altaris wrote in a release.

Perrigo said the deal was part of its transformation into a pure-play global consumer self-care company.

“I would like to thank the Rx team for their dedication throughout this process and I am confident that they will continue to be successful in their mission of developing, manufacturing, and distributing high quality, affordable healthcare products,” Perrigo President and Chief Executive Officer Murray S. Kessler said in a separate release.