Perrigo Company announced that it has completed the previously announced divestment of the HRA Pharma Rare Diseases business to Esteve Healthcare, S.L. for a total consideration of up to €275 million, consisting of an upfront cash payment of €190 million, subject to customary net debt and working capital adjustments, and up to €85 million in potential earnout payments based on the Rare Diseases business achieving certain sales milestones. Perrigo expects to redeploy proceeds from the divestment for debt repayment.
The impact from this transaction was included in the Company's previously issued 2024 outlook. In 2023, the HRA Pharma Rare Diseases business delivered net sales of approximately €50 million and adjusted EBITDA of approximately €20 million.
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