Perrigo Completes Sale of Israel Business for $110 million
The buyer, New York-based investment firm SK Capital, has $1.9 billion assets under management
For daily updates, subscribe to our newsletter by clicking here.SK Capital invests mainly in the domains of specialty materials, chemicals, and pharmaceuticals. The company has over $1.9 billion assets under management and says its portfolio companies currently generate annual revenues of approximately $6 billion.
The deal was first announced in August. As per the agreement, Perrigo API, now renamed Wavelength Pharmaceuticals, will continue to supply existing commercial and pipeline APIs to Perrigo under a long-term contract.Perrigo is in the process of divesting non-core assets as part of a streamlining effort to focus on its core businesses, which are mainly over the counter products. In September 2016 New York-based hedge fund Starboard Value LP, known to be an activist investor, became one of the company's biggest shareholders.