“Prestige has a long and successful history in the eye care space highlighted by the iconic Clear Eyes brand. The brand has a strong and loyal user base for its products and participates in the fast-growing OTC “dry eye” segment. Jeffrey Gilbard began research into treatment and relief of dry eyes. TheraTears is a doctor-created brand with heritage dating back to the mid-1970s when ophthalmologist Dr. The consumer product portfolio to be acquired from Akorn features the TheraTears eye care brand, which represents approximately 80% of portfolio revenues, as well as four other brands in the VMS and Cough & Cold categories. The transaction is estimated to add annual Revenues, Earnings Per Share and Operating Cash Flow of approximately $60 million, $0.10 and $13 million, respectively. The agreement is structured as an asset purchase that delivers anticipated tax benefits of ~$30 million and expected annual EBITDA of ~$20 million equating to a transaction valued at less than 10x pro-forma EBITDA. (“Prestige” or the “Company”) (NYSE: PBH) today announced that it has entered into a definitive agreement to acquire a portfolio of over-the-counter consumer brands from specialty pharmaceutical company Akorn Operating Company LLC (“Akorn”) for $230 million in cash. TARRYTOWN, N.Y., (GLOBE NEWSWIRE) - Prestige Consumer Healthcare Inc. Transaction expected to close during fiscal 2Q Acquisition adds TheraTears brand to Company’s leading eye care portfolioĪcquisition expected to add approximately $60 and $20 million of Revenue and EBITDA, respectively on an annual basis
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