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SK Capital will pay $110m for Perrigo's drug ingredients business

By Gareth MacDonald+

14-Aug-2017

SK Capital will pay $110m for Perrigo's drug ingredients business

SK Capital has said it will buy Perrigo Company Plc’s drug ingredients business for $110m (€85m) in cash.

The deal – financial terms of which were not disclosed – will see the private equity investor take control of Perrigo API, which has operations in Israel and the US.

The takeover – which is expected to complete before the end of the year – will also see the API unit supply Perrigo.

In a US Securities and Exchange Commission (SEC) filing , Perrigo said it had expected the divested API business to generate earning per share of $0.05 in 2017.

Acquisitions

News of the deal comes just a year after SK acquired opiate active pharmaceutical ingredient (API) maker Noramco and raw material supplier Tasmanian Alkaloids just weeks after buying the firms from Johnson & Johnson (J&J).

The firm also holds a controlling stake in contract manufacturer Halo Pharmaceutical that it acquired in 2015.

As with the Noramco and Tasmanian Alkaloids deal, SK said it will make some executive level appointments at Perrigo API.

The US investor explained that the four people who will join Perrigo API’s board of previously worked at Teva Pharmaceutical, Sun Pharma and other organisations.

The takeover will not include Perrigo’s API facility in Maharashtra, India, which the firm sold to Strides Shasun Ltd in April .

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