Perrigo  (PRGO Get Perrigo Co. Plc Report shares rose sharply Wednesday, after the health-and-wellness product provider said it agreed to acquire peer Héra SAS for 1.8 billion euros ($2.1 billion) in cash.

Perrigo is buying Hera, or HRA Pharma, from funds affiliated with private equity firm Astorg and Goldman Sachs Asset Management.

Hera has three self-care brands: blister care (Compeed), women's health (ellaOne, an emergency contraceptive) and scar care (Mederma).

The deal will “complete Perrigo's transformation to a global leader in consumer self-care, bolster its presence in high-potential European markets and meaningfully improve its already strong operational and financial profile,” the company said.

Perrigo on Wednesday traded at $45.50, up 9%, leaving it up 11% during the past six months.

"Over the last 2 1/2 years, we have been on a journey to transform Perrigo into a focused and high-performing consumer self-care company, while delivering a successful track record of well executed acquisitions and divestitures,” said Perrigo Chief Executive Murray Kessler said.

“The acquisition of HRA would be the crowning achievement in that transformation. … Perrigo would be .. poised to deliver top tier net sales growth and double-digit EPS growth in the near-term while concurrently expanding margins."

Further, HRA’s portfolio “would be accretive to Perrigo's 3% revenue growth goal. And, HRA's expertise in migrating products from prescription to OTC would represent even further upside,” Kessler said.

In other merger news Wednesday, French pharmaceutical titan Sanofi SNY said it agreed to buy New York biotech company Kadmon (KDMN) for $1.9 billion. The deal will boost Sanofi’s transplant business, it said.