Pharma BD Deal Intelligence
Perrigo acquired HRA Pharma from Astorg Partners and Goldman Sachs Asset Management for EUR 1.8B (~$2.1B) cash, announced September 8, 2021 and closed April 29, 2022, expanding its consumer self-care platform with category-leading brands including Compeed (blister care), ellaOne (women's health) and Mederma (scar care). Post-close, the women's-health franchise delivered the deal's signature value event: on July 13, 2023 the FDA approved Opill, the first-ever OTC daily oral contraceptive in the US (all ages), which began broad retail and online distribution in Q1 2024. In a portfolio refinement, Perrigo divested the non-core HRA Pharma Rare Diseases business to Esteve Healthcare on July 10, 2024 for up to EUR 275M (EUR 190M upfront plus up to EUR 85M in earnouts; the unit posted ~EUR 50M 2023 net sales / ~EUR 20M adj. EBITDA), redeploying proceeds to debt repayment while retaining the core consumer self-care brands. The deal thesis — building Perrigo's branded consumer self-care platform around women's health and adjacent OTC categories — holds and was validated by the Opill launch.