Perrigo Acquires Scar Management Brand
Fresh from completing its acquisition of GlaxoSmithKline’s OTC business, Ireland-domiciled pharmaceutical producer Perrigo has acquired ScarAway, a leading OTC scar management brand, from Enaltus.
The brand is forecast to generate sales of around $10 million this year.
While the acquisition is relatively small in comparison to other of the company’s recent transactions, Perrigo CEO Joseph C. Papa said “it serves as yet another example of our ability to execute on our 'Base Plus Plus Plus' strategy.”
The drugmaker formerly based in the US is “excited to add this margin-enhancing asset to our already robust US OTC portfolio,” said Papa, adding that the company believes it is well positioned to accelerate the growth of the brand.
Perrigo is still fighting a hostile takeover attempt by generics producer Mylan. That company, also once US-based, is now registered in the Netherlands. Mylan is expected to launch a formal offer in the near future. Perrigo, however, has said it is confident its shareholders will reject the offer.
“Following extensive discussions with our shareholders, we are confident that most of them believe that Mylan's offer substantially undervalues Perrigo and would dilute our growth profile and superior valuation,” Papa said.
In April of this year, Mylan made a bid to acquire Perrigo for $34.1 billion in cash and stock, but was rebuffed. Israeli generics giant Teva also was eyeing Perrigo before agreeing to purchase the generics business of Allergan for $40.5 billion.
