Perrigo Company plc is an American

Irish Irish may refer to: Common meanings * Someone or something of, from, or related to: ** Ireland, an island situated off the north-western coast of continental Europe ***Éire, Irish language name for the isle ** Northern Ireland, a constituent unit ...

–registered manufacturer of

private label A private label, also called a private brand or private-label brand, is a brand owned by a company, offered by that company alongside and competing with brands from other businesses. A private-label brand is almost always offered exclusively by th ...

over-the-counter Over-the-counter (OTC) drugs are medicines sold directly to a consumer without a requirement for a prescription from a healthcare professional, as opposed to prescription drugs, which may be supplied only to consumers possessing a valid prescr ...

pharmaceutical A medication (also called medicament, medicine, pharmaceutical drug, medicinal drug or simply drug) is a drug used to diagnose, cure, treat, or prevent disease. Drug therapy (pharmacotherapy) is an important part of the medical field an ...

s, and while 70% of Perrigo's net sales are from the U.S. healthcare system, Perrigo is legally headquartered in Ireland for tax purposes, which accounts for 0.60% of net sales. In 2013, Perrigo completed the sixth-largest US

corporate tax inversion A tax inversion or corporate tax inversion is a form of tax avoidance where a corporation restructures so that the current parent is replaced by a foreign parent, and the original parent company becomes a subsidiary of the foreign parent, thus mov ...

in history when it reregistered its tax status to Ireland to avoid U.S. corporate taxes. Perrigo maintains its corporate headquarters in Grand Rapids, MI, within Michigan State University's Grand Rapids Innovation Park. Perrigo engages in the acquisition (for repricing), manufacture, and sale of consumer healthcare products, generic prescription drugs, and

active pharmaceutical ingredient An active ingredient is any ingredient that provides biologically active or other direct effect in the diagnosis, cure, mitigation, treatment, or prevention of disease or to affect the structure or any function of the body of humans or animals. The ...

s (APIs), primarily in the United States, from its base in Ireland. On 21 December 2018, Perrigo suffered its biggest one-day share price fall in its history after the Irish

Revenue Commissioners The Revenue Commissioners ( ga, Na Coimisinéirí Ioncaim), commonly called Revenue, is the Irish Government agency responsible for customs, excise, taxation and related matters. Though Revenue can trace itself back to predecessors (with the ...

issued a tax claim against Perrigo that equated to half of its market value.

History

L. Perrigo Company was founded in 1887 in

Allegan, Michigan Allegan ( ) is a city in the U.S. state of Michigan. Its population was 5,222 at the 2020 census. It is the county seat of Allegan County. It lies within Allegan Township but is administratively autonomous. History The men after whom Allegan's ...

, by Luther and Charles Perrigo, who ran a general store. In 1991 Perrigo had an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investme ...

on NASDAQ. In March 2005 the firm acquired Agis Industries Limited (

TASE The Tel Aviv Stock Exchange (TASE; ; colloquially known as The Bursa, ) is Israel's only public stock exchange and a public company that has been traded on the Tel-Aviv Stock Exchange since August 1, 2019. Legally, the exchange is regulated b ...

:AGIS), an Israel-based

generic pharmaceuticals A generic drug is a pharmaceutical drug that contains the same chemical substance as a drug that was originally protected by chemical patents. Generic drugs are allowed for sale after the patents on the original drugs expire. Because the active ch ...

company in an $850 million transaction. Agis was founded in 1983 by Mori Arkin who developed his father's small drug import business into a multinational generic pharmaceutical company. As a result of the acquisition, Arkin owned 9% of Perrigo, and was appointed as Vice Chairman of the company. In July 2013, Perrigo announced that it would execute a

to Ireland in order to avoid U.S. corporate taxes, via an $8.6 billion acquisition of Irish-based

Elan Corporation Elan or Élan may refer to: People * Elan Atias (born 1975), American singer-songwriter * Elán (musician) (born 1983), Mexican singer * Poets of Elan, a group of Ecuadorian poets Fictional characters * Elan (Order of the Stick), a character in ...

. , Perrigo is the sixth-largest U.S. tax inversion in history. Over 70% of Perrigo's sales, and an even greater percentage of Perrigo profits, are from the U.S. healthcare system. In April 2015, Perrigo received an unsolicited buy-out offer from

Mylan Mylan N.V. was a global generic and specialty pharmaceuticals company. In November 2020, Mylan merged with Upjohn, Pfizer's off-patent medicine division, to form Viatris. Previously, the company was domiciled in the Netherlands, with principal e ...

of $29 billion, which was ultimately rejected by management and shareholders. In May 2016, Perrigo investors sued the company over statements made during the Mylan bid, which were said to have persuaded shareholders to vote against the deal. In the months prior to this suit, the company's chairman and CEO, Joseph Papa, who has been credited with "fending off" Mylan's bid, left to take the CEO role at Valeant. Upon Papa's departure, John Hendrickson, who was at the time the company's president, took on the additional roles of chairman and CEO. Hendrickson was succeeded by Uwe Roehrhoff in January, 2018. Murray S. Kessler is the current President and CEO. On 20 December 2018, the ''

Financial Times The ''Financial Times'' (''FT'') is a British daily newspaper printed in broadsheet and published digitally that focuses on business and economic current affairs. Based in London, England, the paper is owned by a Japanese holding company, Ni ...

'' reported that the Irish

levied a €1.64 billion (not including penalties and interest) Irish tax claim on Perrigo for unpaid capital gains tax (CGT) from the 2013 sale of Tysabri to

Biogen Biogen Inc. is an American multinational biotechnology company based in Cambridge, Massachusetts, specializing in the discovery, development, and delivery of therapies for the treatment of neurological diseases to patients worldwide. History ...

by Elan, which happened months before Perrigo's acquisition of Elan. The claim is the second largest ever issued by the Revenue Commissioners in Irish history, after Apple's €13 billion Irish tax fine. On 21 December 2018, the ''

Irish Times ''The Irish Times'' is an Irish daily broadsheet newspaper and online digital publication. It launched on 29 March 1859. The editor is Ruadhán Mac Cormaic. It is published every day except Sundays. ''The Irish Times'' is considered a newspaper ...

'' reported that Revenue claimed Perrigo owed CGT at a rate of 33% as an "asset sale", however Perrigo claimed that the sale was part of Elan's normal "trading income", and was subject to the lower 12.5% Irish corporate tax rate, which Perrigo was able to reduce to 0% using Ireland's '' multinational tax BEPS tools''. In June 2022, Perrigo moved its corporate headquarters from Allegan to downtown Grand Rapids, about 40 miles north, within Michigan State University's Grand Rapids Innovation Park. The company still maintains offices and production at the Allegan campus.

Acquisitions

On 9 January 2008, the firm acquired Galpharm Healthcare, Ltd., a supplier of

store brand pharmaceuticals in the United Kingdom. On 16 September 2008, the firm acquired J.B. Laboratories. On 6 October 2008, it acquired Laboratorios Diba S.A., enabling the company to market its products in Mexico. On 13 November 2008, it acquired Unico Holdings, a manufacturer of store brand pediatric electrolytes, enemas and feminine hygiene products for retail consumers in the U.S. On 1 March 2010, the firm acquired Orion Laboratories Pty, Ltd., a supplier of

(OTC) store brand pharmaceutical products in Australia and New Zealand. On 23 March 2010, it acquired PBM Holdings, Inc., a producer of over-the-counter store brand

infant formula Infant formula, baby formula, or simply formula (American English); or baby milk, infant milk or first milk (British English), is a manufactured food designed and marketed for feeding to babies and infants under 12 months of age, usually prepar ...

and baby foods in the United States, Canada, Mexico and China. On 20 January 2011, the firm announced that it would acquire Paddock Laboratories Inc., with the deal expected to close in fiscal 2012. In September 2012, Perrigo announced its intention to enter the animal wellness category by acquiring the assets of Sergeant's Pet Care Products, Inc., a privately held manufacturer of over-the-counter companion animal healthcare products. On 11 February 2013, Perrigo announced the completion of the acquisition of Rosemont Pharmaceuticals Ltd., a specialty and generic prescription pharmaceutical company focused on the manufacturing and marketing of oral liquid formulations. On 29 July 2013, the firm announced that it would acquire

Élan Elan Corporation plc was a major drugs firm based in Dublin, Ireland, which had major interests in the United States. It was listed on the New York Stock Exchange as ELN, the Irish Stock Exchange as ELN.I, and the London Stock Exchange as ELN. ...

, a pharmaceutical firm based in Dublin. The Élan acquisition enabled Perrigo to reincorporate as an Irish company using Élan's headquarters (although the executive offices remained in Allegan), lowering its effective tax rate (called a tax inversion). In November 2014, Perrigo announced it had agreed to buy Belgian health-products provider Omega Pharma approximately $4.5 billion (€3.6 billion). The transaction was completed in March 2015. In August 2016, the company announced it would acquire US national distributor of over-the-counter medicines, Geiss, Destin & Dunn. In May 2019, Perrigo announced it would acquire Ranir Global Holdings LLC, boosting its oral self-care offering, with the transaction valued at $750 million. In February 2020, announced that it has reached an agreement to acquire the oral care assets of High Ridge Brands for $113 million. In March 2021, Perrigo confirmed it would sell off its generics business to Altaris Capital Partners for $1.55 billion. In September, the business announced it would acquire HRA Pharma from investment firms Astorg and Goldman Sachs Asset Management for $2.1 billion, and completed the acquisition in April 2022.

Acquisition history

The following is an illustration of the company's major mergers and acquisitions and historical predecessors (this is not a comprehensive list): *Perrigo (Founded as L. Perrigo Company, 1887) **Agis Industries Ltd (Acq 2005) **Galpharm International (Acq 2008) **J.B. Laboratories (Acq 2008) **Laboratorios Diba S.A. (Acq 2008) **Unico Holdings (Acq 2008) **Orion Laboratories Pty Ltd (Acq 2010) **PBM Holdings Inc (Acq 2010) **Paddock Laboratories Inc (Acq 2011) **Sergeant's Pet Care Products Inc (Acq 2012) **Rosemont Pharmaceuticals Ltd (Acq 2013) **

(Acq 2013) ** Omega Pharma (Acq 2015) **Geiss, Destin & Dunn (Acq 2016) **Proteon Therapeutics (Acq 2016) **Ranir Global Holdings LLC (Acq 2019) **HRA Pharma (Héra SAS) (Acq 2022)

Segments

The company operates in three segments; Consumer Self-care Americas, Rx Pharmaceuticals, and Consumer Self-Care International. The Consumer Self-care Americas segment produces over-the-counter pharmaceutical and nutritional products in the United States, the United Kingdom, and Mexico. This segment offers analgesic, cough/cold/allergy/sinus, gastrointestinal,

smoking cessation Smoking cessation, usually called quitting smoking or stopping smoking, is the process of discontinuing tobacco smoking. Tobacco smoke contains nicotine, which is addictive and can cause dependence. As a result, nicotine withdrawal often m ...

first aid First aid is the first and immediate assistance given to any person with either a minor or serious illness or injury, with care provided to preserve life, prevent the condition from worsening, or to promote recovery. It includes initial in ...

, antacids, hemorrhoidal remedies, motion sickness, sleep aid products, feminine hygiene products, vitamin, and

nutritional supplement A dietary supplement is a manufactured product intended to supplement one's diet by taking a pill, capsule, tablet, powder, or liquid. A supplement can provide nutrients either extracted from food sources or that are synthetic in order ...

products. The Rx Pharmaceuticals segment produces generic prescription drugs in the United States. This segment provides creams, ointments, lotions, gels, and solutions, as well as nasal sprays, foams, and

transdermal Transdermal is a route of administration wherein active ingredients are delivered across the skin for systemic distribution. Examples include transdermal patches used for medicine delivery. The drug is administered in the form of a patch or ointme ...

devices. Believing that Rx business has the potential to realize greater value outside of Perrigo, board okays separation of prescription pharma business on 9 August 2018. The Consumer Self-Care International (CSCI) segment develops, manufactures, markets, and distributes well-known European self-care brands in the natural health and vitamins, cough, cold and allergy, oral care, smoking cessation, personal care and derma-therapeutics and lifestyle categories.

References

External links