Perrigo board okays separation of prescription pharma business

Perrigo Company said on Thursday its board approved a plan to separate its Prescription Pharmaceuticals (Rx) business after the generic drugmaker completed a review of its strategic portfolio.

The board will explore all value-enhancing options, including a possible tax-efficient separation to shareholders, a sale or merger, the company said.

The move will enable the management to focus on expanding the company's leading consumer businesses, Chief Executive Uwe Roehrhoff said.

"The board believes the differentiated and diversified Rx business has the potential to realize greater value outside of Perrigo," Chairman Rolf Classon said in a statement.

Perrigo's Rx business serves patients and health systems with topical medicines at more affordable prices.

The company has engaged Barclays as its financial adviser.

(Reporting by Ishita Chigilli Palli in Bengaluru; Editing by Gopakumar Warrier)