Perrigo plummets on separation plan announcement
Shares in Ireland-headquartered generic and OTC drugmaker Perrigo (NYSE: PRGO) closed 11% down on Thursday after plans were announced to separate the company's prescription pharmaceuticals business.
This comes after the previously-announced strategic portfolio review at a firm that is trying to reverse its fortunes following a punishing period that has seen its share price lose 65% of its value in the last three years.
In that time, the turbulence has included a price-fixing probe, multiple managerial changes, job losses and takeover rumors, and a year ago Perrigo announced that it was to sell its active pharmaceutical ingredients (API) business for $110 million.
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