Perrigo Company plc (NYSE:PRGO) shares are trading higher after the company announced it will acquire HRA Pharma for $2.1 billion in cash.

"The acquisition of HRA would be the crowning achievement in that transformation. With the addition of HRA and its talented leadership team,

Perrigo would be a consumer self-care global leader that is poised to deliver top tier net sales growth and double-digit EPS growth in the near-term while concurrently expanding margins," said Murray S. Kessler, CEO and President, Perrigo.

Perrigo is the leading provider of over-the-counter generic drugs with over 100 global locations. The company was formed in 1887 as a packager of home remedies and has grown with the migration of prescriptions switching to OTC and later with strategic acquisitions.

Perrigo's stock was trading about 8.9% higher at $45.31 per share at the time of publication. The stock has a 52-week high of $51.10 and a 52-week low of $38.20.