Drug maker sells business unit for $110M
A drug maker in the region has completed the sale of one of its businesses for $110 million.
Dublin-based Perrigo, which operates its North American base in Allegan, said yesterday it completed the previously announced divestiture of its Active Pharmaceutical Ingredient, or API, business, based in Israel, to New York-based SK Capital.
SK Capital is a private investment firm focused on the specialty materials, chemicals and pharmaceuticals sectors.
John Hendrickson, Perrigo’s CEO, said the divestiture is the next step in the company’s “strategic review” enacted when he became CEO in April 2016.
He has since announced he plans to retire after a successor is identified.
“Actions taken as part of this review process have enabled us to simplify, focus and execute on our core businesses,” Hendrickson said. “We continue to look at capital-deployment opportunities that drive value for shareholders and further our mission of providing quality, affordable health care products to consumers around the globe.”
The API business has been re-named Wavelength Pharmaceuticals.
The new stand-alone business will focus on manufacturing cytotoxic, steroid and high-potency products.
It will also retain a core competency in complex chemistries and continue making generic APIs and finished dose forms.