mynth
09/2021

HRA PHARMA acquired by PERRIGO COMPANY

FRANCE Life Sciences / Pharma & Biotech / Generics / Labs EV 1b - 4b EUR

Context

The acquisition of HRA Pharma by Perrigo signifies the "crowning achievement" of the acquirer’s structural transformation into a pure-play consumer self-care leader. The strategic rationale for this transaction centers on a "portfolio-premium" maneuver, merging the target’s high-growth, margin-accretive branded assets with the acquirer’s massive expert direct go-to-market platform. This structural alignment provides the organization with the scientific talent and regulatory hardware necessary to dominate high-potential European markets and accelerate the "Rx-to-OTC" pipeline globally. This maneuver allows the group to execute a definitive structural expansion of its global footprint, particularly by adding significant scale in key underpenetrated European regions where the target maintains a dominant leadership position. By incorporating the target's seasoned leadership team and its expertise in specialized categories like emergency contraception and blister care, the organization is now positioned to leverage its recognized manufacturing depth to drive deeper penetration into adjacent self-care categories.

Previously, Hra Pharma had been acquired in an LBO by Astorg / Goldman Sachs in 2016.

HRA PHARMA, which reported an EBITDA margin of in 2022, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the Healthcare & Pharma sector (15.6x).

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Target

HRA Pharma is a high-growth, innovative consumer healthcare organization that thrives on a philosophy of empowering individuals through accessible, value-added self-care solutions. The organization operates as a specialist in the development and marketing of market-leading brands across three core technical domains: women's health, blister care, and scar care. A primary pillar of its strategy is the "Rx-to-OTC" switch expertise, a sophisticated regulatory and commercial process that transitions prescription-only medications into the non-prescription retail landscape.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2022
2021

Other operations with HRA PHARMA

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
02/2016ASTORG / GOLDMAN SACHSHRA PHARMAFRANCEGenerics / Labs

REFERENCES

Valuation range: EV 1b - 4b EUR

Revenue range: 250M - 500M EUR

EBITDA range: 100M - 200M EUR

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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.