Perrigo to sell API business for $110 million
Shares of Ireland-incorporated generic and OTC drugmaker Perrigo (NYSE: PRGO) soared 17% to $77.90 by late morning on Thursday, having surged as much as 20.4%, after the company revealed it has reached an agreement to divest its Israel Active Pharmaceutical Ingredient business for $110 million in cash, and posted better-than-expected second-quarter 2017 financial results.
SK Capital, a private investment firm focused on the specialty materials, chemicals and pharmaceuticals sectors, announced that it has signed a definitive agreement to acquire Perrigo API, the active pharmaceutical ingredients (API) business of Perrigo.
As part of the transaction, the parties have agreed to enter into a long-term supply agreement for Perrigo API to supply multiple existing commercial and pipeline APIs to Perrigo. The transaction is expected to close during fourth-quarter 2017, before which a new trade name will be selected and announced for the business.
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