Perrigo completes sale of active pharmaceutical ingredients business

Perrigo has announced the completion of the previously-announced sale of its active pharmaceutical ingredient business.

The Israel-based business unit has been purchased by SK Capital for $110 million (82.88 million pounds), with the the sale of the division coming as part of a broader review of Perrigo's strategy.

The overall aim of this process is to allow Perrigo to simplify, focus and execute on its core businesses, which is why it is moving to sell off divisions that no longer align with its central strategic focus on consumer healthcare.

Perrigo's chief executive officer John Hendrickson said: "We continue to look at capital deployment opportunities that drive value for shareholders and further our mission of providing quality, affordable healthcare products to consumers around the globe."

Mr Hendrickson announced his intention to retire from Perrigo earlier this year, with the search for a successor still ongoing. He will remain in his position until a new chief executive has been selected.

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