Belgium’s Omega Pharma sold to Perrigo for €3.6 billion

Belgium-based pharmaceutical company Omega Pharma NV was sold to Perrigo in a bid to expand its portfolio of over-the-counter drugs and broaden its presence in the European market.

Omega founder and Chief Executive Mark Coucke signed his company over to the American international pharmaceutical manufacturer for €3.6 billion, Perrigo announced on its website. The US pharma giant is to pay €2.5 billion for the acquisition, in addition to taking over €1.1 billion of the company’s debt.

Omega Pharma, headquartered in East Flanders, is the fifth largest provider of prescription over-the-counter medicine in Europe. Founded in 1987, the company currently generates annual revenues of approximately $1.6 billion and employs 2,500 staff.

The American Perrigo was founded in 1887 and has a strong portfolio in the US, the UK, Mexico, Israel and Australia. The acquisition of Omega Pharma will strengthen its European distribution network with a commercial presence in more than 35 countries.