The deal and the buyer
Perrigo, the Dublin-based maker of store-brand baby formulas, said Thursday it will divest its infant-formula business for as much as $175 million to an entity headed by ByHeart executives. The buyers are led by ByHeart co-founders Ron Belldegrun and Mia Funt, who now head MeridianMade, a contract manufacturer, as chief executive officer and president, respectively.
Interim president and CEO Albert Manzone said the transaction should help Perrigo concentrate more on its consumer self-care portfolio. Closing is anticipated during the first half of 2027.
ByHeart's safety backdrop and what investigators found
Funt's LinkedIn profile shows her tenure at ByHeart ended in July, and a MeridianMade spokesperson said ByHeart has been "discontinued" and will not relaunch. A botulism outbreak tied to ByHeart left 48 infants hospitalized with confirmed or suspected cases; none died, though the illness can cause long-term complications.
In November, ByHeart pulled every batch of its formula from the market and paused manufacturing during the probe. Federal inspectors reported no evidence that ByHeart Inc.'s formula-making process caused the outbreak, and tests in January found spores that can produce botulism in a whole milk powder from a ByHeart supplier. Separately in June, Nara Organics withdrew all of its whole-milk formula following hospitalizations of three infants with confirmed or suspected botulism.
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Why it matters for your portfolio
The bottom line: if the deal closes in the first half of 2027, Perrigo gets a simpler story built around consumer self care, while its infant-formula operation moves to a buyer led by MeridianMade's leadership. Cleaner focus can make it easier to judge capital allocation, margins, and where growth dollars go next.
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