Perrigo To Revamp Branded Consumer Healthcare's Belgium Business - Quick Facts

(RTTNews) - Drug maker Perrigo Co. plc (PRGO) said it intends to restructure the Branded Consumer Healthcare's Omega Pharma Belgium business - which includes Omega Pharma Belgium NV, Etixx NV and Biover N V - located in Nazareth, Venecoweg 26, Belgium.

The restructuring is intended to improve the financial profile and enhance focus of the business on branded consumer OTC products.

To improve the financial profile of the BCH Belgium business, Perrigo signed a definitive agreement with EuroGenerics NV to terminate their existing distribution agreement to distribute product for STADA Arzneimittel AG in Belgium effective December 31, 2016. The company also signed a definitive agreement to sell the Etixx brand and its business effective January 1, 2017.

In addition, Perrigo allowed for the natural expiration of a distribution agreement with MEDA AB effective December 2016, and initiated the consultation process in Belgium to better align the organization to current business and market dynamics.

These combined businesses and products are forecast to achieve calendar year 2016 net sales of approximately $155 million, with no contribution to margin.

This restructuring plan is only related to Omega Pharma Belgium NV, Etixx NV and Biover NV. Only activities related to Omega Pharma Belgium are involved in this plan.