Perrigo will expand international presence while enhancing manufacturing and R&D capabilities
Rosemont Pharmaceuticals, a UK manufacturer of oral liquid medicines, has been sold to Perrigo in the US by private equity firm CBPE Capital for approximately £180m.
CBPE bought Rosemont, which was founded in 1967, in 2006 for £93m and has since invested £6m in the company to expand its capacity in Leeds.
The private equity firm has also doubled R&D and regulatory affairs personnel to a team of 35. Rosemont currently employs 209 people, up from 156 at the time of the original investment.
Rosemont is a market leader in the supply of oral liquid pharmaceuticals, and under CBPE has started to develop its international business.
The company manufactures and supplies oral liquid medicines for patients who have difficulty in swallowing tablets and capsules. It has a portfolio of 94 products and in 2012 reported EBITDA of £19.2m on sales of approximately £40m.
We continue to focus on expanding our international footprint and view the acquisition of Rosemont as an opportunistic next step
John Blythe, CEO of Rosemont, said: ‘Rosemont is now a clear market leader and recognised globally as a leading innovator in the field of liquid medicines, a market with highly attractive long-term growth fundamentals. CBPE has been an outstanding, knowledgeable partner, fully supporting us as we have grown the business. Now we look forward to the continued development of the business.’
Perrigo, headquartered in Allegan, Michigan, is a leading global provider of healthcare products. The company manufactures and distributes over-the-counter (OTC) and generic prescription (Rx) drugs, infant formulas, nutritional products, pet health, dietary supplements and active pharmaceutical ingredients (API).
The company's primary markets and locations include the US, Israel, Mexico, the UK, India, China and Australia.
Joseph Papa, Perrigo’s Chairman, President and CEO, said: ‘We continue to focus on expanding our international footprint and view the acquisition of Rosemont as an opportunistic next step given our existing presence in the UK. Similar to Perrigo's position in the niche US extended topical generic prescription market, Rosemont is the number 1 player in the niche speciality UK oral liquid formulations market.’
In the UK, Perrigo currently has consumer healthcare operations in Barnsley, South Yorkshire and in Braunton, Devon.