Perrigo sells infant formula business to MeridianMade for up to $175M

Perrigo agreed to sell its Infant Formula business to MeridianMade, a US contract manufacturer focused on infant nutrition, for up to $175 million. The price is $40 million in cash at closing plus up to $135 million tied to performance milestones through 2030. The sale follows a strategic review of the unit.

Why it matters: The exit advances Perrigo's plan to become a more focused consumer self-care company and should cut its future capital spending.