Perrigo has completed the sale of its Generic Rx Pharmaceuticals business to Altaris Capital Partners for $1.55bn, subject to customary adjustments.

In March this year, the company has signed a definitive agreement with Altaris Capital Partners to sell its Generic Rx Pharmaceuticals business.

Under the terms of the agreement, Altaris is also eligible to receive more than $50m in potential R&D milestone payments and purchase obligations with third-party Rx partners.

Perrigo CEO and president Murray Kessler said: “Closing this transaction was another important milestone for Perrigo’s transformation.

“We are now a leading pure-play global consumer self-care company that has significant resources to invest and has a passionate and committed team that is dedicated to making our vision a reality – To make lives better by bringing quality affordable self-care products consumers trust, everywhere they are sold.

“I am more excited than ever about the company’s future. I would like to thank the Rx team for their dedication throughout this process and I am confident that they will continue to be successful in their mission of developing, manufacturing and distributing high quality, affordable healthcare products.”

The Rx business provides patients and health systems with extended topical medications to treat different diseases at more affordable prices.

It comprises a diversified portfolio of topical generic medicines in multiple dosage forms, including creams, foams, mousses, gels, liquids and inhalable products.

Perrigo said that the divestiture of its Rx business will complete its goal of transforming into a pure-play global consumer self-care company.

As part of its strategy, the company has acquired three Eastern European OTC skincare and hair loss treatment brands Emolium, Iwostin and Loxon, from Sanofi, in November last year.

Centerview served as financial advisor and Wachtell, Lipton, Rosen & Katz as legal counsel to Perrigo for the transaction.

J.P. Morgan served as lead financial advisor and lead left arranger, and Goldman Sachs & Co. as financial advisor and arranger, while Schiff Hardin and Cleary Gottlieb as legal counsel to Altaris Capital.