Perrigo to sell generic business to Altaris Capital Partners for $1.55 billion

Perrigo Co. Plc PRGO, -1.03% [ said Monday it has agreed to sell its generic business to Altaris Capital Partners LLC for $1.55 billion, including $1.5 billion in cash. Altaris will assume more than $50 million in potential milestone payments and contingent purchase obligations with third-party Rx partners. The deal is expected to close by the end of the third quarter. "This transaction establishes Perrigo as a pure-play global consumer self-care company with industry leading fundamentals," chief Executive Murray S. Kessler said in a statement. "Perrigo Consumer Self-Care will have a focused portfolio with over $4 billion in revenues focused on the growing trends towards self-managed health and wellness." Separately, Perrigo said it had a net loss of $175 million, or $1.29 a share, in the fourth quarter, wider than the loss of $19 million, or 14 cents a share, posted in the year-earlier period. Adjusted per-share earnings came to 93 cents, below the $1.00 FactSet consensus. Sales fell