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Perrigo Co considers Tysabri rights sale

Thursday, November 10, 2016 9:41
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Drug group Perrigo Company (NYSE:PRGO) is to consider the strategic options for its royalty stream from multiple sclerosis drug Tysabri after pressure from activist investor Starboard Value.

The investor wants Perrigo to sell its Tysabri rights and this option will now be considered alongside a strategic review of all of its products.

Ireland-based Perrigo posted a net loss of $1.26bn, or $8.76 a share in its third quarter after impairment charges of almost US$1.7bn.

Stripping out the one-offs there was a profit per share US$1.65 per share, down from $1.76 last year.

Revenue rose slightly to $1.35bn.

Most of the impairments related to 2015’s acquisition of US$4.5bn purchase of Omega Pharma, where Perrigo expects to start legal action against the vendors.

Perrigo shareholders rejected a US$26bn takeover bid from rival pharma Mylan this time last year since when the share price has almost halved.

Today the shares were up 4% at US$87 valuing the group at just under US$12bn.

Story by ProactiveInvestors


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