May 28, 2021

Willkie represented Akorn in the transaction.

On May 27, Willkie client Akorn Operating Company LLC announced that it has entered into a definitive agreement to sell its Consumer Health business to an affiliate of Prestige Consumer Health Inc. (NYSE: PBH) for a total cash purchase price of $230 million.

The consumer product portfolio to be acquired from Akorn primarily consists of the over-the-counter brands TheraTears®, Diabetic Tussin®, MagOx®, Multi-betic®, and Zostrix®. The TheraTears eye care brand represents approximately 80% of portfolio revenues, and participates in the fast-growing OTC “dry eye” segment.

Akorn develops, manufactures and markets specialty pharmaceuticals, including prescription, consumer health and animal health products. The company is an industry leader in branded and generic products in alternate dosage forms such as ophthalmics, injectables, oral liquids, otics, topicals, inhalants and nasal sprays.

Prestige Consumer Healthcare markets, sells, manufactures and distributes consumer healthcare products to retail outlets throughout the U.S. and Canada, Australia, and other international markets. The company’s diverse portfolio includes women's health products, pain relievers, eye care products, specialty oral care products, motion sickness treatments, and pediatric over-the-counter products, among others.

The Willkie deal team was led by partners Russell Leaf and Jared Fertman, and included partners Matthew Berger and Tiffany Lee, and associates Jeffrey Daniel, Robert Yu and Joshua Real.