Perrigo announced Thursday that Barcelona-based pharma company Esteve Healthcare has agreed to purchase its three rare disease drug assets for as much as €275 million ($295 million).
The marketed therapies for Cushing’s syndrome and adrenocortical carcinoma — Metopirone, Ketoconazole and Lysodren — will be sold for an upfront cash payment of €190 million ($203 million) and up to €85 million ($92 million) in potential sales-based milestones.
“Divesting the HRA Pharma Rare Diseases business further supports our position as a leading fast-moving consumer goods company,” said Perrigo president and CEO Patrick Lockwood-Taylor in a statement.
Perrigo is not divesting Opill, its progestin-only daily oral contraceptive that is available over the counter. The FDA last May reaffirmed its benefit-risk profile.
The deal is expected to close in the third quarter, Perrigo said.
