Perrigo Advances Consumer Self-Care Growth Strategy With Acquisition Of Prevacid®24hr

- Expands U.S. OTC market and gastrointestinal category leadership positions

- Leverages existing infrastructure including manufacturing expertise, innovation pipeline and expansive U.S. customer network

- Anticipated to be growth and adjusted margin accretive to Perrigo's Worldwide Consumer business

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Perrigo Company plc

Sep 05, 2019, 08:30 ET

DUBLIN, Sept. 5, 2019 /PRNewswire/ -- Perrigo Company plc (NYSE; TASE: PRGO) announced today that it has entered into a definitive agreement to acquire the branded OTC rights to Prevacid^® from GlaxoSmithKline. Under the terms of the agreement, Perrigo will have the exclusive rights to market, sell and distribute Prevacid^®24HR in the United States OTC market. Financial terms of the agreement were not disclosed.

Prevacid^®24HR treats frequent heartburn (occurring 2 or more days a week) and is not intended for immediate relief of heartburn.

Perrigo CEO and President Murray S. Kessler commented, "This acquisition of the well-established brand Prevacid^®24HR is another example of how tuck-in acquisitions can expand our robust self-care portfolio. This margin accretive asset strengthens our leadership position in a core category and is expected to accelerate brand and category growth. I am confident our team can enhance the value of the Prevacid^® brand. Perrigo is in the unique position to leverage its 1) existing infrastructure and manufacturing expertise as we currently promote the active ingredient lansoprazole as a store brand product, 2) expansive U.S. customer network, and 3) innovation pipeline in the gastrointestinal category, which extends beyond current national brand offerings."

About Perrigo

Perrigo Company plc (NYSE; TASE: PRGO) is dedicated to making lives better by bringing "Quality, Affordable Self-care Products™" that consumers trust everywhere they are sold. The Company is a leading provider of over-the-counter health and wellness solutions that enhance individual well-being by empowering consumers to proactively prevent or treat conditions that can be self-managed. Visit Perrigo online at http://www.perrigo.com.

Forward-Looking Statements

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SOURCE Perrigo Company plc