The agreement includes an upfront cash payment of $40 million, with the remaining $135 million contingent upon performance milestones met through 2030. Alongside the sale, Perrigo anticipates a non-cash impairment charge ranging from $275 million to $375 million to be recorded in the fourth quarter. The company expects to finalize the transition during the first half of next year.

MeridianMade, a contract manufacturing platform, is steered by CEO Ron Belldegrun and President Mia Funt. The pair previously co-founded ByHeart, an infant-formula producer that faced a widespread recall of its U.S. products last year following a link to a botulism outbreak.