Perrigo Draws On OTC Strength For Private Label Nexium 24HR Launch
This article was originally published in The Pink Sheet
Perrigo plans late September launch of a store brand OTC of Nexium 24HR after FDA’s ANDA approval and settlement of patent litigation with AstraZeneca. But it faces competition from Aurobindo's generic OTC esomeprazole 20 mg delayed-release capsules.
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Some sort of "pharmacy intervention" could aid switches, CEO Hendrickson says; board bloc is still pushing to divest the generic Rx segment but apparent second-quarter sales validation isn't enough to persuade Hendrickson to stay on.
OTC private label giant agrees with Starboard, which owns around 6.7% of Perrigo's shares, to immediately add to Perrigo's board Starboard CEO Jeffrey Smith and two other members recommended by the hedge fund: former Pfizer CEO Jeffrey Kindler and Nestle USA executive Bradley Alford.
Perrigo's omeprazole and sodium bicarbonate capsules indicated for the treatment of frequent heartburn will bear labeling that has been through several updates since the first PPI became available OTC in 2004.