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news.Ireland-based Perrigo Company has completed the acquisition of Belgian over-the-counter (OTC) healthcare firm Omega Pharma Invest, for about €3.8bn.
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The deal, funded through a combination of cash, debt and equity, includes the assumption of €1.3bn in debt.
The acquisition will expand Perrigo’s market presence in Europe and broaden its portfolio of store-brand, OTC pharmaceuticals in the region.
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 capitalize on the many megatrends which bend in favor of consumer choice and cost control in healthcare.
"We expect the combined companies will create tremendous value for consumers and shareholders for years to come."
The deal also combines Perrigo’s supply chain and operational excellence with Omega’s OTC branding and regulatory expertise.
Omega, which sells healthcare products, OTC medicines and personal care items, generated around €1.27bn of revenue and €200m of operating cash flow in the year ended 31 December 2014.
Image: Exterior view of Perrigo’s Eastern Avenue Office. Photo: courtesy of Perrigo Company.