Latham & Watkins advises Astorg and Goldman Sachs on the sale of HRA Pharma to Perrigo

Paris corporate team represents selling shareholders in transaction for rapidly expanding, innovation-driven consumer healthcare company


Latham & Watkins is advising Astorg and Goldman Sachs on a binding offer and exclusive negotiations with Perrigo Company plc (Perrigo) for the sale of Héra SAS (“HRA” or “HRA Pharma”).

HRA Pharma is a category leader in over-the-counter healthcare products across areas including women’s health and compromised skin, operating via brands including Ella, Compeed, and Mederma. Alongside these products, HRA’s portfolio of Rare Diseases drugs provides treatment for Adrenocortical Carcinoma, as well as Cushings’ Syndrome. Both divisions within HRA Pharma have seen strong growth over the last six years.

The proposed acquisition by Perrigo is expected to facilitate accelerated innovation and will enable HRA to continue to provide high quality products to patients worldwide. In particular, the proposed acquisition will help build on HRA’s recent successful expansion in the US and draw on its strength in Europe. 

HRA would continue to operate independently under Perrigo’s ownership and its CEO David Wright and the management team would remain in place.

The Latham team is led by Paris corporate partners Thomas Forschbach and Alexander Crosthwaite, with associates David Chatteleyn and Aymeric Derrien-Akagawa. Advice on tax aspects was provided by partner Xavier Renard; on antitrust matters by partner Jacques-Philippe Gunther with Mathilde Ayel and Laure Maes and in Washington DC by partner Farrell Malone with Andrew Paik; and on labor law matters by partner Matthias Rubner. 



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