09:00 AM EDT, 07/10/2024 (MT Newswires) -- Perrigo ( PRGO ) said Wednesday it has divested its HRA pharma rare diseases business to Esteve Healthcare for up to a total of 275 million euros ($297.7 million), including a 190 million euros upfront cash payment and up to 85 million euros in potential earnout payments.

The company intends to utilize the proceeds for debt repayment, Perrigo ( PRGO ) added.

Perrigo ( PRGO ) first received Esteve's binding offer to acquire the HRA pharma rare diseases business in April.