Ireland-based Perrigo has completed the acquisition of Belgium’s over-the-counter (OTC) drugmaker Omega Pharma for around €3.8bn ($4.5bn).
As part of the deal, Perrigo acquired Omega’s equity for €2.48bn and assumed €1.3bn in debt.
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The acquired business will increase Perrigo’s OTC product offering and expand its distribution through a well-established platform.
Perrigo chairman, president and CEO Joseph Papa said: "The combination of Perrigo and Omega creates an industry leading, global healthcare company with the operational structure and cash-flow generation to accelerate our international growth even further.
"This strategic combination creates a top five global OTC healthcare company by revenue, enhancing our leading OTC position through Omega’s strong, established European commercial, regulatory and distribution platforms, which further enables us to capitalise on the many megatrends, which bend in favour of consumer choice and cost control in healthcare."
Omega reported around €1.27bn of revenue and €200m of operating cash-flow in the year ending 31 December 2014.
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By GlobalDataThe portfolio of Omega includes 2,000 products, comprising cough and cold, skincare, pain relief, weight management, and gastrointestinal treatment brands.
It carries out operations in 35 countries across Europe and select emerging markets.
At the time of acquisition, Omega founder and CEO Marc Coucke said: "Since our founding in 1987, we have been relentlessly executing our pharmacist-focused growth strategy across Europe. We have successfully developed a top OTC product portfolio and a leading European commercial infrastructure."
Perrigo develops and markets OTC and generic prescription (Rx) pharmaceuticals, nutritional products and active pharmaceutical ingredients (API).
Image: Photograph of the exterior of Perrigo’s Eastern Avenue Office. Photo: courtesy of Perrigo Company.
