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Prestige Announces Agreement to Expand Eye Care Offering with Acquisition of TheraTears


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Acquisition adds TheraTears brand to Company s leading eye care portfolio
Acquisition expected to add approximately $60 and $20 million of Revenue and EBITDA, respectively on an annual basis
Transaction expected to close during fiscal 2Q
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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