DUBLIN, March 27, 2017 /PRNewswire/ -- Perrigo Company
plc (NYSE; TASE: PRGO), a leading global provider of Quality
Affordable Healthcare Products®, today announced it
has completed the divestiture of its rights to the royalty stream
from global net sales of the multiple sclerosis drug Tysabri®
(natalizumab) to RPI Finance Trust, an affiliate of Royalty Pharma
("RPI"). The transaction comprises a total consideration of
$2.2 billion in cash and up to
$650 million in royalties earned if
global net sales of Tysabri® meet specific thresholds in
2018 and 2020.
Perrigo's CEO John T. Hendrickson
stated, "Today's announcement marks the successful outcome of our
strategic alternatives process for the Tysabri® royalty
stream. This divestiture enables the Company to create additional
flexibility for growth and maintain its investment grade
commitment, while focusing on operational execution in our
consumer-facing and Rx businesses. Completing this sale is a
positive action step in our ongoing portfolio review. The Perrigo
Board of Directors and I will continue to make decisions to create
value and deliver on our mission of providing Quality,
Affordable Healthcare Products® to consumers around
the globe."
Under the terms of the agreement, RPI will acquire all of
Perrigo's rights to receive Tysabri® royalty payments
from and after January 1, 2017, which
Perrigo has under an agreement with Biogen, Inc.
Perrigo will update its 2017 guidance after the Company files
its 2016 Form 10-K with the United States Securities and Exchange
Commission.
About Perrigo
Perrigo Company plc, a leading global
healthcare company, delivers value to its customers and consumers
by providing Quality Affordable Healthcare Products®. Founded in
1887 as a packager of home remedies, Perrigo has built a unique
business model that is best described as the convergence of a
fast-moving consumer goods company, a high-quality pharmaceutical
manufacturing organization and a world-class supply chain network.
Perrigo is the world's largest manufacturer of over-the-counter
("OTC") healthcare products and supplier of infant formulas for the
store brand market. The Company also is a leading provider of
branded OTC products throughout Europe and the U.S., as well as a leading
producer of "extended topical" prescription drugs. Perrigo,
headquartered in Ireland, sells
its products primarily in North
America and Europe, as well
as in other markets, including Australia, Israel and China. Visit Perrigo online at
(http://www.perrigo.com).
Forward-Looking Statements
Certain statements in this
press release are "forward-looking statements." These statements
relate to future events or the Company's future financial
performance and involve known and unknown risks, uncertainties and
other factors that may cause the actual results, levels of
activity, performance or achievements of the Company or its
industry to be materially different from those expressed or implied
by any forward-looking statements. In some cases, forward-looking
statements can be identified by terminology such as "may," "will,"
"could," "would," "should," "expect," "plan," "anticipate,"
"intend," "believe," "estimate," "predict," "potential" or the
negative of those terms or other comparable terminology. The
Company has based these forward-looking statements on its current
expectations, assumptions, estimates and projections. While the
Company believes these expectations, assumptions, estimates and
projections are reasonable, such forward-looking statements are
only predictions and involve known and unknown risks and
uncertainties, many of which are beyond the Company's control,
including the time, effort and expense to complete its 2016 Form
10-K, future impairment charges, the ability to achieve its
guidance, the completion of announced acquisitions or dispositions,
the ability to execute and achieve the desired benefits of
announced initiatives, and the timing, amount and cost of share
repurchases. In addition, the Company may identify and be unable to
remediate one or more material weaknesses in its internal control
over financial reporting, need to restate its financial statements,
conclude that investors should no longer rely upon previously
issued financial statements or be unable to regain compliance with
the NYSE continued listing rules. Furthermore, if the Company
and/or its subsidiaries are required to restate their financial
statements it and/or its subsidiaries may incur additional tax
liabilities in respect of 2016 and prior years or may be found to
have breached certain provisions of Irish company legislation in
respect of prior financial statements and if so, may incur
additional expenses and penalties. These and other important
factors, including those discussed under "Risk Factors" in the
Company's Form 10-KT for the six-month period ended December 31, 2015, as well as the Company's
subsequent filings with the United States Securities and Exchange
Commission, may cause actual results, performance or achievements
to differ materially from those expressed or implied by these
forward-looking statements. The forward-looking statements in this
press release are made only as of the date hereof, and unless
otherwise required by applicable securities laws, the Company
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
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SOURCE Perrigo Company plc