Perrigo Company (NYSE:PRGO) has finalized the sale of its HRA Pharma Rare Diseases business to Esteve Healthcare for up to €275 million.

This agreement includes an upfront cash payment of €190 million and potential earnout payments of up to €85 million based on sales milestones.

Perrigo, a leading provider of consumer self-care products, plans to use the proceeds from this divestment to repay debt.