Perrigo plans to restructure Branded Consumer Healthcare's Belgium business
Perrigo is planning to restructure its Omega Pharma Belgium business to improve the financial profile and focus on branded consumer over-the-counter (OTC) products.
The business includes Omega Pharma Belgium, Etixx and Biover, situated in Nazareth, Venecoweg 26 (Belgium).
As part of the restructuring plan, Perrigo has agreed to end EuroGenerics’s distribution agreement for STADA Arzneimittel effective 31 December 2016.
In another move, the company said will not renew a distribution agreement with MEDA which ends in December. It has also started a consultation process in Belgium to streamline the organization in line with existing business and market dynamics.
Perrigo CEO John Hendrickson said: "Consistent with our previously announced comprehensive portfolio review, we are today announcing specific actions to streamline operations and safeguard the future of our BCH Belgium business.
“The action plan for Belgium is directed at enhancing long-term profitability by focusing our efforts on growing our OTC brand portfolio.”
Perrigo is expecting the consolidated businesses and products to earn net sales of around $155m in the calendar year 2016.
In August this year, Perrigo completed divestiture of its Vitamins, Minerals & Supplements (VMS) US business to International Vitamin Corporation (IVC) as part of the ongoing portfolio assessment.
The Dublin specialty pharmaceutical company manufactures OTC products besides supplying infant formulas. It also provides generic extended topical prescription products.