Perrigo to sell Dermacosmetics business for up to EUR 327M

Perrigo (PRGO) announced it has signed an agreement with Kairos Bidco AB, an investment vehicle managed by KKR (KKR), to sell the company’s Dermacosmetics branded business for up to EUR 327M, including EUR 300M in upfront cash and up to an additional EUR 27M contingent on the achievement of net sales milestones over the next three years. This transaction advances the company’s Three-S plan to Stabilize, Streamline and Strengthen the organization, honing its strategic focus to invest in its ‘high-grow’, high-return opportunities. Trusted brands within this proposed transaction include ACO, Biodermal, Emolium and Iwostin. Expected net proceeds from the transaction would be directed towards previously announced capital allocation priorities, including further strengthening the company’s balance sheet and supporting long-term value creation. This transaction is expected to close in the first quarter of 2026, subject to customary closing conditions, including regulatory approvals and consultation with works council. In calendar year 2024, Perrigo’s Dermacosmetics branded business generated approximately EUR 125M in net sales and approximately 5% of Perrigo’s 2024 adjusted operating income