Perrigo to sell infant formula business to ByHeart co-founders

Perrigo agreed to sell its infant-formula business to MeridianMade for $40 million upfront and up to $135 million in performance-based payments through 2030. The sale, expected to close in the first half of 2027 pending regulatory approval, is part of Perrigo’s shift toward its consumer self-care business and is expected to reduce future capital spending and improve margins. Perrigo also expects a non-cash impairment charge of $275 million to $375 million in the fourth quarter of 2026 and will report the formula business as discontinued operations starting that quarter. MeridianMade is led by Ron Belldegrun and Mia Funt, co-founders of ByHeart, whose infant formula was linked to a botulism outbreak.