Perrigo

Perrigo Company plc
Public
Traded as NYSE: PRGO
TASE: PRGO
S&P 500 Component
Industry Pharmaceutical
Founded 1887 (1887)
Headquarters

Key people
 Uwe Roehrhoff, President and CEO, Board Member[1]
Products OTC, RX, API, Medical Diagnostic, pharmaceuticals
Revenue Increase $3,540 million (2013)[2]
Increase $805 million(2013)
Increase $ 530 million (2013)
Number of employees
 10,220 (May 2015)
Subsidiaries
Website perrigo.com

Perrigo Company plc is an American international manufacturer of private label over-the-counter pharmaceuticals.[3] The company’s shares are traded on the NYSE and the Tel Aviv Stock Exchange; as a result of the merger with Agis Industries the company is a constituent of the TA-35 Index. Perrigo is the only non-Israeli company on the TA-35.

Perrigo Company plc, through its wholly owned subsidiaries, engages in the manufacture and sale of consumer healthcare products, generic prescription drugs, active pharmaceutical ingredients (API), and consumer products primarily in the United States, Australia, Israel, Europe, India and Mexico.

History

The L. Perrigo Company was founded in 1887 in Allegan, Michigan, by Luther and Charles Perrigo, who ran a country general store .[4] In 1991 Perrigo had an Initial public offering on NASDAQ.

In March 2005 the firm acquired Agis Industries Ltd. (TASE:AGIS), an Israel-based generic pharmaceuticals company in an $850 million transaction. Agis was founded in 1983 by Mori Arkin who developed his father's small drug import business into a multinational generic pharmaceutical company. As a result of the acquisition Arkin owns 9% of Perrigo, and was appointed as Vice Chairman of the company.[5]

In April 2015, Perrigo received a buy-out offer from Mylan for a fee of $29 billion.[6] In May 2016 Perrigo investors sued the company over misleading statements made during Mylans hostile takeover attempt.[7] Those false statements are said to have persuaded shareholders to vote against the deal.[8][9] In the months prior to this suit, the company's chairman and CEO, Joseph Papa, who has been credited with "fending off" Mylan's hostile takeover bid, left to take the CEO role at Valeant.[10][11] Upon Papa's departure, John Hendrickson, who was at the time the company's president, took on the additional roles of chairman and CEO.[12][13] Hendrickson was succeed by Uwe Roehrhoff in January, 2018.[14]

Acquisitions

On 9 January 2008, the firm acquired Galpharm Healthcare, Ltd., a supplier of over-the-counter store brand pharmaceuticals in the United Kingdom.[15] On 16 September 2008, the firm acquired J.B. Laboratories.[16] On 6 October 2008, it acquired Laboratorios Diba S.A., enabling the company to market its products in Mexico.[17] On 13 November 2008, it acquired Unico Holdings, a manufacturer of store brand pediatric electrolytes, enemas and feminine hygiene products for retail consumers in the U.S.[18]

On 1 March 2010, the firm acquired Orion Laboratories Pty, Ltd. a supplier of over-the-counter (OTC) store brand pharmaceutical products in Australia and New Zealand.[19] On 23 March 2010, it acquired PBM Holdings, Inc., a producer of over-the-counter store brand infant formula and baby foods in the United States, Canada, Mexico and China.[20]

On 20 January 2011, the firm announced that it would acquire Paddock Laboratories Inc., with the deal expected to close in fiscal 2012.[21]

In September 2012, Perrigo announced its intention to enter the animal wellness category by acquiring the assets of Sergeant's Pet Care Products, Inc., a privately held manufacturer of over-the-counter companion animal healthcare products.[22]

On 11 February 2013, Perrigo announced the completion of the acquisition of Rosemont Pharmaceuticals Ltd., a specialty and generic prescription pharmaceutical company focused on the manufacturing and marketing of oral liquid formulations.[23] On 29 July 2013, the firm announced that it would acquire Élan, a major drugs firm based in Dublin.[24][25] The Élan merger allowed Perrigo to reincorporate as an Irish company using Élan's headquarters (although the executive offices will remain in Allegan), lowering its effective tax rate significantly.[26]

In November 2014, Perrigo announced it had agreed to buy Belgian health-products provider Omega Pharma approximately $4.5 billion(€3.6 billion).[27][28] The transaction was completed in March 2015.[29]

In August 2016, the company announced it would acquire US national distributor of over-the-counter medicines, Geiss, Destin & Dunn[30]

Acquisition history

The following is an illustration of the company's major mergers and acquisitions and historical predecessors:

Perrigo

 

Geiss, Proteon Therapeutics
(Acq 2016)

 
 

 

Geiss, Destin & Dunn
(Acq 2016)

 
 

 

Omega Pharma
(Acq 2014)

 
 

 

Élan
(Acq 2013)

 
 

 

Rosemont Pharmaceuticals Ltd
(Acq 2013)

 
 

 

Sergeant's Pet Care Products Inc
(Acq 2012)

 
 

 

Paddock Laboratories Inc
(Acq 2011)

 
 

 

PBM Holdings Inc
(Acq 2010)

 
 

 

Orion Laboratories Pty Ltd
(Acq 2010)

 
 

 

Unico Holdings
(Acq 2008)

 
 

 

Laboratorios Diba S.A.
(Acq 2008)

 
 

 

J.B. Laboratories
(Acq 2008)

 
 

 

Galpharm International
(Acq 2008)

 
 

 

Agis Industries Ltd
(Acq 2005)

 
 

 

L. Perrigo Company
(Founded 1887)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Segments

The company operates in three segments; Consumer Healthcare, Rx Pharmaceuticals, and Active Pharmaceutical Ingredients. The Consumer Healthcare segment produces over-the-counter pharmaceutical and nutritional products in the United States, the United Kingdom, and Mexico. This segment offers analgesic, cough/cold/allergy/sinus, gastrointestinal, smoking cessation, first aid, antacids, hemorrhoidal remedies, motion sickness, sleep aid products, feminine hygiene products, vitamin, and nutritional supplement products.

The Rx Pharmaceuticals segment produces generic prescription drugs in the United States. This segment provides creams, ointments, lotions, gels, and solutions, as well as nasal sprays, foams, and transdermal devices. Believing that Rx business has the potential to realize greater value outside of Perrigo, board okays separation of prescription pharma business on August 9, 2018.[31]

The Active Pharmaceutical Ingredients segment produces pharmaceutical ingredients in Israel with sales to customers worldwide. The company also offers cosmetics, toiletries, detergents, manufactured and imported pharmaceutical products, and medical diagnostic products. The company’s customers include national and regional retail drug, supermarket, wholesalers, and mass merchandise chains.

See also

References

  1. ↑ https://www.reuters.com/article/us-perrigo-company-ceo/perrigo-hires-gerresheimer-ex-boss-rohrhoff-as-new-ceo-idUSKBN1EX0GR
  2. ↑ Jones, Al (16 August 2011). "Perrigo Co. reports strong gains in sales and earnings for fourth quarter and full year". Mlive.com. Allegan. Kalamazoo Gazette. Retrieved 20 August 2011. Sales for the full year were $2.75 billion, up about 21.5 percent from $2.26 billion in fiscal 2010.
  3. ↑ Wilton, Bill (2008-10-16). "Perrigo Company". Zacks Investment Research. Company Description. Archived from the original on 2008-10-22.
  4. ↑ "Perrigo Company - Company History", Funding Universe, retrieved 2009-10-31
  5. ↑ "Perrigo Company to Acquire Agis Industries, Creating A Leading Diversified Healthcare Company" (PDF) (Press release). Company press release. Retrieved October 31, 2009.
  6. ↑ "Generic drugmaker Mylan offers $29 billion for Perrigo" (Press release). Reuters. 8 April 2015.
  7. ↑ "Investor Sues Perrigo Over Disclosures in Mylan Hostile Bid".
  8. ↑ "Lawsuit filed against former Mylan acquisition target Perrigo - Pittsburgh Business Times".
  9. ↑ "Perrigo Investor Slams Co. Over Mylan's Failed Takeover - Law360".
  10. ↑ Lopez, Linette (April 28, 2016). "Now we know why Valeant's new CEO took the job, and it seems politicians are upset about it". Business Insider UK. Retrieved March 13, 2018.
  11. ↑ Wright, Rob (January 9, 2018). "Can Joseph Papa Save Valeant?". Life Science Leader. Retrieved March 13, 2018.
  12. ↑ Helfand, Carley (June 6, 2017). "Floundering Perrigo's CEO Hendrickson to depart after rocky 13-month tenure". FiercePharma. Retrieved March 13, 2018.
  13. ↑ "Valeant: Joseph Papa Joins Pharmaceutical Company As Chief Exec As Perrigo Names Hendrickson New CEO". International Business Times. April 25, 2016. Retrieved March 13, 2018.
  14. ↑ https://www.reuters.com/article/us-perrigo-company-ceo/perrigo-hires-gerresheimer-ex-boss-rohrhoff-as-new-ceo-idUSKBN1EX0GR
  15. ↑ http://www.perrigo.com/uploadedFiles/Investors/Press_Releases/PRGOPR(11).pdf
  16. ↑ "Official Perrigo Company Press Release" (PDF). Retrieved 2012-03-13.
  17. ↑ "Official Perrigo Company Press Release" (PDF). Retrieved 2012-03-13.
  18. ↑ "Archived copy" (PDF). Archived from the original (PDF) on 23 June 2011. Retrieved 5 July 2011.
  19. ↑ "Archived copy" (PDF). Archived from the original (PDF) on 15 July 2011. Retrieved 5 July 2011.
  20. ↑ "Archived copy" (PDF). Archived from the original (PDF) on 23 June 2011. Retrieved 5 July 2011.
  21. ↑ "Archived copy" (PDF). Archived from the original (PDF) on 26 June 2011. Retrieved 5 July 2011.
  22. ↑ "Perrigo Closes Acquisition Of Sergeant's Pet Care Products". Perrigo Company.
  23. ↑ "Perrigo Company Acquires U.K.-based Rosemont Pharmaceuticals Ltd. For Approximately £180 Million Or $283 Million".
  24. ↑ Reuters (29 July 2013). "US-Generikakonzern: Perrigo kauft irische Pharmafirma Elan". handelsblatt.com.
  25. ↑ "This page has been removed - News - The Guardian". the Guardian.
  26. ↑ Pogatchnik, Shawn (29 July 2013). "Perrigo to buy Elan, reincorporate in Ireland". Boston Globe. Retrieved 20 January 2015.
  27. ↑ Risser, David (6 November 2014). "Perrigo to Buy Omega Pharma of Belgium for $4.5 Billion". Bloomberg.
  28. ↑ "Belgian newspaper De standaard reports Perrigo to Buy Omega Pharma for €3.6 Billion". De Standaard. 6 November 2014.
  29. ↑ "Perrigo Company plc Completes Acquisition Of Omega Pharma Invest N.V., Creating A Top Five Global OTC Company". PR Newswire Association LLC. PR Newswire. 30 March 2015. Retrieved 1 July 2015.
  30. ↑ "Struggling Perrigo inks deal agreement for GA-based distributor - FiercePharma".
  31. ↑ Editorial, Reuters. "Perrigo board okays separation of prescription pharma business". U.S. Retrieved 2018-08-09.
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