10:41 AM EDT, 04/25/2024 (MT Newswires) -- Perrigo ( PRGO ) said Thursday it has received a binding offer from Esteve Healthcare to sell its HRA Pharma Rare Diseases business for up to 275 million euros ($294.7 million).

The total consideration consists of an upfront cash payment of 190 million euros and potential earnout payments of up to 85 million euros, the company said.

The proposed transaction is expected to close in Q3, subject to the satisfaction of the HRA Pharma Works Council consultation in France and receipt of regulatory approvals, the company said.

Shares of Perrigo ( PRGO ) were up 1% in recent trading.

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