Endo Completes Divestiture of Litha Healthcare Group

Endo International plc announced that it has completed the previously announced divestiture of its South African based operations, Litha Healthcare Group, to Acino Pharma AG. In February 2017, Endo announced that, following a comprehensive strategic assessment and asset review, the Company determined that Litha no longer aligned with its strategy and was not considered a core asset.

At closing, Endo received approximately $100 million in cash (after giving effect to cash and net working capital purchase price adjustments) and may receive up to an additional $11 million in contingent consideration. During the fourth quarter of 2016, Endo recorded pre-tax impairment charges of approximately $150 million in order to write-down Litha’s net assets to their estimated fair value less cost to sell.

“Litha has a talented team and we appreciate all the contributions they have made to our Company,” said Paul Campanelli, President and CEO of Endo. “We believe that Acino’s presence in emerging markets makes Litha a good addition to their organization and we wish them both continued success.”