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Perrigo sells prescription drugs division

File photo Perrigo display
Posted at 10:34 AM, Mar 02, 2021

DUBLIN — Altaris Capital Partners announced Tuesday that it’ll acquire the prescription pharmaceuticals division of Perrigo for $1.55 billion.

The acquisition is expected to close sometime in calendar year 2021, subject to customary closing conditions, a news release said.

After the transaction closes, Perrigo Rx, which has locations in Allegan, Holland and Grand Rapids, will be renamed and headquartered in downtown Grand Rapids.

RELATED: Perrigo plans to build North American headquarters in downtown Grand Rapids

“I am thrilled that we are working with Altaris to establish Perrigo’s Rx business as an independent company,” said Sharon Kochan, president of Rx. “This is a very important and exciting milestone that will enable us to focus on executing our ambitious plans and growth strategy. Altaris’ health care specialization and experience with similar business separations will bring unique, fresh and relevant perspectives as we embark on the next phase of our journey.”

Altaris Co-founder and Managing Director George Aitken-Davies says the company is well-positioned to support Perrigo’s pharmaceuticals business as it becomes a standalone company.

Altaris is an investment firm focused exclusively on the health care industry, targeting companies that improve patient outcomes, eliminate unnecessary costs, increase efficiency and align stakeholder incentives.