Perrigo Company has announced that it has reached an agreement to sell its US vitamins, minerals and supplements (VMS) business to International Vitamin Corporation (IVC) for undisclosed sum.
The transaction is expected to be completed by early August and it is subject to customary closing conditions.
Perrigo CEO John Hendrickson commented: "Our decision late last year to divest the U.S. VMS business was part of our ongoing portfolio assessment and ensures that we remain focused on our most profitable and strategic businesses.
"Having explored various options over the past several months, we are pleased to have reached an agreement to sell the business to IVC. We look forward to working with the IVC team to seamlessly transition the business and ensure that our customers continue to receive exceptional service during this transitional period.
"Finally, we would like to take this opportunity to thank the more than 300 Perrigo employees who are dedicated to the VMS business for all of their contributions to Perrigo and to wish them all the very best going forward."
Warner Norcross & Judd was a legal advisor for Perrigo in the transaction, while Houlihan Lokey served as its exclusive financial advisor.
Separately, the company announced that it has received an approval from the US Food and Drug Administration (FDA) for three milk-based, store brand non-GMO infant formulas.
Perrigo said that it has already commenced product shipments to retail customers. It has launched the formulas for consumers who prefer non-GMO versions of existing products.
Hendrickson said: "We know that today's millennial mom is more demanding than ever. Whether she chooses conventional, non-GMO, or organic infant formulas, Perrigo is committed to providing her with a safe, high quality, and nutritious infant formula to meet her baby's needs for growth and development."
