ESTEVE has signed a binding offer with Perrigo Company plc to acquire Perrigo's HRA Pharma Rare Diseases, a business specialized in rare and ultra-rare diseases, following the information and consultation process with HRA Pharma Works Council in France and subject to the satisfaction of customary closing conditions, including receipt of regulatory approvals.

ESTEVE will increase its portfolio in the rare and severe diseases therapeutic area, adding to its current portfolio three new medicines that address Cushing's syndrome and Adrenocortical Carcinoma: Metopirone, Lysodren, and Ketoconazole HRA.

HRA Pharma Rare Diseases has over 15 years' experience in rare and ultra-rare diseases and is dedicated to bringing the best care and services to people living with rare diseases and committed to supporting healthcare professionals all over the world. With annual Net Revenues in 2023 around €50M, the HRA Pharma Rare Diseases business has a presence in several European countries as well as in the US.

"This transaction aims to advance ESTEVE on the path of covering the unmet patients' needs, in line with ESTEVE's purpose of improving people's lives and is another step towards the company's vision of being an international specialty pharma company", concludes Staffan Schüberg, Chief Executive Officer of ESTEVE.

Patrick Lockwood-Taylor, Perrigo's President and Chief Executive Officer, states: "We are pleased that ESTEVE, with its track record of growth and international footprint, will look to increase global access to these effective treatment options for all those patients in need".

The binding offer is for up to €275 million, consisting of an upfront payment and potential earnout payments.

The closing of the transaction should take place during the third quarter of 2024, following the required works council consultation and subject to customary regulatory approvals.

Perella Weinberg Partners and Clifford Chance served as ESTEVE's lead advisors on this transaction. Morgan Stanley & Co. LLC and Wachtell, Lipton, Rosen & Katz served as Perrigo's lead advisors on this transaction.