Perrigo acquires Omega Pharma for 4.5 billion

Perrigo acquires Omega Pharma for 4.5 billion

Perrigo acquires Omega Pharma for 4.5 billion

Perrigo, the Irish drug maker, had agreed to acquire one of the largest over-the-counter helath care products providers in Europe, for about 4.5 billion, including the assumption of debt.

As part of the deal, Perrigo will pay 2.48 billion euros, or about $3.1 billion, in cash and stock for Omega and will assume about €1.1 billion in debt.

“The combination of these two great companies accelerates Perrigo’s international growth strategy, substantially diversifies our business streams and establishes a durable leadership position in the European O.T.C. marketplace,” Joseph C. Papa, Perrigo’s chairman, president and chief executive, said in a news release.

Omega, which was founded in 1987 and is based in Nazareth, Belgium, has operations in 35 countries and employs about 2,500 people. It posted revenue of €1.2 billion in 2013. It was taken private two years ago by Marc Coucke, its founder and chief executive; Waterland Private Equity Investment; and several co-investors.

Mr. Coucke will continue to own a stake in the combined company after the deal.

Perrigo acquires the Elan Corporation for $8.6 billion in 2013 and reincorporated in Ireland. The company employs nearly 10,000 people and posted net revenue of $4 billion in fiscal year 2014.

Perrigo was founded in 1887 in Allegan, Mich., and manufactures over-the-counter and generic pharmaceuticals, as well as pet care products and infant formula. It was primarily a United States company before expanding internationally in 1997, and it is now based in Dublin.

The transaction, which is subject to regulatory approval, is expected to close in the first quarter. The boards of both companies have approved the deal.

JPMorgan Chase, Barclays and the law firm Freshfields Bruckhaus Deringer are advising Perrigo, while Omega’s owners were advised by Morgan Stanley and the law firm Allen & Overy.

Mr. Stakebay says:

 This deal is expected to expand Perrigo’s international presence and give it a larger position in the European over-the-counter health care sector. Omega produces about 2000 products across a variety of categories, including cold and cough medicine, skin care and weight management products.

 

President, Chairman and CEO of Perrigo….Joseph C. Papa….(2006-present)…$18 945 540 (2013)

CEO of Omega Pharma……………………….Marc Coucke……(2008-present)

 

 

PERRIGO

OMEGA PHARMA

Revenue

$3.539 billion (2013)

€ 1.213 Billion (2013)

Operating income

$ 679.1 million (2013)

€ 137 682 Million (2013)

Profit

$ 441.9 million (2013)

€ 69.606 Million (2013)

Total assets

$ 5.35 billion (2013)

€ 2.179 Billion (2013)

Total Equity

$ 2.331 billion (2013)

€ 843.301 Million (2013)

Employees

7250 (2013)

2130 (2013)

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