Perrigo completes sale of Israeli unit Chemagis for $110m

Perrigo factor in Yeruham Photo PR

SK Capital has renamed the API company Wavelength Pharmaceuticals.

Pharmaceutical company Perrigo Company (NYSE:PRGO; TASE:PRGO) has completed the sale of its Israel-based API (active pharmaceutical ingredient) unit Chemagis for $110 million to US private investment firm SK Capital. SK specializes in pharmaceutical and chemical firms and has a portfolio of assets worth $1.9 billion. With the completion of the acquisition, Perrigo API has been renamed Wavelength Pharmaceuticals.

SK has already appointed four former Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) senior executives to its board of directors

Perrigo acquired Chemagis in 2005 as part of the deal which saw it pay $818 million for Agis, the Israeli pharmaceutical company then controlled by Mori Arkin. Most of Chemagis's operations are in Ramat Hovav near Beer Sheva although it also has small plants in Tel Aviv's Yad Eliahu and Bnei Brak as well as the US and India. The company has 300 employees.

Published by Globes [online], Israel business news - www.globes-online.com - on November 22, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

Perrigo factor in Yeruham Photo PR
Perrigo factor in Yeruham Photo PR
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