Perrigo acquires Ranir Global Holdings and sells AH arm

Perrigo is to acquire the consumer oral and personal care company Ranir Global Holdings for $750 million and intends to sell its Animal Health business for $185 million to PetIQ. The Animal Health business contributed $94 million revenue and non-GAAP earnings per share of $0.08 to Perrigo in 2018.
A company statement on its various strategies read: “The sale/spin process for the Rx Pharmaceuticals business is well underway and the company believes the timing to complete a transaction/spin is likely towards the end of 2019 or in 2020. Separation improves the focus of both the Consumer and Rx businesses, while enabling long-term value creation for shareholders. Ranir adds a comprehensive portfolio of 300+ highly customized oral care solutions and private label know-how. This strategic combination enhances Perrigo’s position as a global self-care leader and is immediately accretive to adjusted earnings and margins. Perrigo has entered into a licensing agreement with a global leader in natural products, known across a broad range of categories. Perrigo’s global R&D functions have been centralized and an innovation group has been created to leverage our global scale and ramp up organic innovation. The revised product development process has identified 40 new initiatives with approximately $500 million in future pipeline potential.”