Prestige announces agreement to expand eye care offering with acquisition of theratears

Tarrytown, n.y., may 27, 2021 (globe newswire) -- prestige consumer healthcare inc. (“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. 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. 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.
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