Perrigo Co. plc's board approved a plan to separate its prescription pharmaceuticals business.

The Dublin-based drugmaker said the move allows it to focus on expanding its consumer business. The prescription, or Rx, business would also better capitalize on its platform of generic pharmaceutical products and realize greater value outside Perrigo, according to the company.

"We intend to begin the preparations for a separation of the Rx business to shareholders as we continue to analyze numerous value-enhancing options including a possible tax-efficient separation to shareholders, a sale or merger," Chairman Rolf Classon said in a news release.

Barclays will act as financial adviser for the separation, which is expected to be completed in the second half of 2019.