History
L. Perrigo Company was founded in 1887 in Allegan, Michigan, by Luther and Charles Perrigo, who ran a general store.[7]
In 1991 Perrigo had an initial public offering on Nasdaq.[8][9]
In March 2005 the firm acquired Agis Industries Limited (traded as AGIS at the Tel Aviv Stock Exchange), an Israel-based generic pharmaceuticals company in an $850 million transaction. Agis was founded in 1983 by Mori Arkin, who developed his father's small drug import business into a multinational generic pharmaceutical company. As a result of the acquisition, Arkin owned 9% of Perrigo, and was appointed as Vice Chairman of the company.[10]
In July 2013, Perrigo announced that it would execute a corporate tax inversion to Ireland in order to avoid U.S. corporate taxes, via an $8.6 billion acquisition of Irish-based Elan Corporation.[11] As of, Perrigo is the sixth-largest U.S. tax inversion in history.[12][13][14] Over 70% of Perrigo's sales, and an even greater percentage of Perrigo profits, are from the U.S. healthcare system.[15][2]
In April 2015, Perrigo received an unsolicited buy-out offer from Mylan of $29 billion, which was ultimately rejected by management and shareholders.[16] In May 2016, Perrigo investors sued the company over statements made during the Mylan bid,[17] which were said to have persuaded shareholders to vote against the deal.[18][19] In the months prior to this suit, the company's chairman and CEO, Joseph Papa, who has been credited with "fending off" Mylan's bid, left to take the CEO role at Valeant.[20][21] Upon Papa's departure, John Hendrickson, who was at the time the company's president, took on the additional roles of chairman and CEO.[22]
On 20 December 2018, the Financial Times reported that the Irish Revenue Commissioners levied a €1.64 billion (not including penalties and interest) Irish tax claim on Perrigo for unpaid capital gains tax (CGT) from the 2013 sale of Tysabri to Biogen by Elan, which happened months before Perrigo's acquisition of Elan.[26] The claim is the second largest ever issued by the Revenue Commissioners in Irish history, after Apple's €13 billion Irish tax fine.[26] On 21 December 2018, the Irish Times reported that Revenue claimed Perrigo owed CGT at a rate of 33% as an "asset sale", however Perrigo claimed that the sale was part of Elan's normal "trading income", and was subject to the lower 12.5% Irish corporate tax rate, which Perrigo was able to reduce to 0% using Ireland's multinational tax BEPS tools.[27]
In June 2022, Perrigo moved its corporate headquarters from Allegan to downtown Grand Rapids, about 40 miles north, within Michigan State University's Grand Rapids Innovation Park.[4] The company still maintains offices and production at the Allegan campus.
In 2023, its subsidiary, HRA Pharma, received approval from the FDA to sell an over the counter women’s contraception drug called Opill.[28]
Acquisitions
On 9 January 2008, the firm acquired Galpharm Healthcare, Ltd., a supplier of over-the-counter store brand pharmaceuticals in the United Kingdom.[29][30] On 16 September 2008, the firm acquired J.B. Laboratories.[31] On 6 October 2008, it acquired Laboratorios Diba S.A., enabling the company to market its products in Mexico.[32] On 13 November 2008, it acquired Unico Holdings, a manufacturer of store brand pediatric electrolytes, enemas and feminine hygiene products for retail consumers in the U.S.[33]
On 1 March 2010, the firm acquired Orion Laboratories Pty, Ltd., a supplier of over-the-counter (OTC) store brand pharmaceutical products in
