Perrigo Company Breakout on FDA approval

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Perrigo (PRGO) and its partner, Catalent Pharma Solutions (CTLT) announced that the FDA has approved Perrigo's abbreviated new drug application for generic albuterol sulfate inhalation aerosol, the first AB-rated generic version of ProAir HFA. Perrigo is launching a limited quantity of generic albuterol sulfate inhalation aerosol and, in collaboration with its development and manufacturing partner Catalent, is ramping up production to meet future demand. Generic albuterol sulfate inhalation aerosol is indicated in patients 4 years of age and older for the treatment or prevention of bronchospasm with reversible obstructive airway disease and for the prevention of exercise-induced bronchospasm. ProAir HFA gross sales for the previous 12 months were approximately $1.4 billion, as measured by IQVIA. Source thefly
Perrigo (PRGO -1%) agrees to acquire the oral care assets of High Ridge Brands for $113M, subject to bankruptcy court approval in connection with High Ridge's Chapter 11 cases.
Perrigo expects the assets will contribute more than $100M in net sales and be accretive to earnings in first full-year post closing.
The acquisition builds upon Perrigo's July 2019 purchase of Ranir, the world's largest private-label oral self-care company.
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Company profile
Perrigo Co. Plc is a healthcare company, which engages in the production of over-the-counter consumer goods and specialty pharmaceutical products. It operates through the following segments: Consumer Healthcare Americas, Consumer Healthcare International, and Prescription Pharmaceuticals. The Consumer Healthcare Americas segment comprises the U.S., Mexico and Canada consumer healthcare business. The Consumer Healthcare International segment includes branded consumer healthcare business primarily in Europe and consumer focused businesses in the U.K., Australia, and Israel. The Prescription Pharmaceuticals refers to the U.S. prescription pharmaceuticals business. The company was founded by Luther Perrigo in 1887 and is headquartered in Dublin, Ireland.