In a report published on August 20, Gordon Haskett analyst Don Bilson noted that Mylan (MYL) once claimed that it could generate $800M of synergies from a deal with Perrigo (PRGO) and while that dollar figure may no longer be relevant, the same logic may still be reasonably intact. At that time, he'd also pondered whether Mylan's failed attempt to acquire Perrigo in 2015-16 could be put back together given the troubles facing both companies. Gordon Haskett has flagged to investors that last night Perrigo postponed its investor event to discuss its long-term consumer growth strategies and key operational initiatives, previously planned as a conference call for September 25. Management had emphasized the event over 10 times on its earnings call just 3 weeks ago, the firm also noted.

Perrigo announced that pharmaceutical company Esteve Healthcare has signed a binding offer to acquire Perrigo's HRA Pharma Rare Diseases business for a total consideration of up to EUR 275M, consisting of an upfront cash payment of EUR 190M and up to EUR 85M in potential earnout payments based on the Rare Diseases business achieving certain sales milestones. Following the information and consultation process with HRA Pharma Works Council in France, Perrigo would be able to exercise the put option granted by Esteve and enter into a definitive agreement with Esteve for the sale of the Rare Diseases business. The proposed final transaction is expected to close during the third quarter of 2024, subject to the satisfaction of the HRA Works Council consultation and customary closing conditions, including receipt of regulatory approvals.