Navigation Links
Perrigo Closes Acquisition of Paddock Labs
Date:7/26/2011

ALLEGAN, Mich., July 26, 2011 /PRNewswire/ -- Perrigo Company (Nasdaq: PRGO;TASE) today announced that it has closed the acquisition of Paddock Laboratories, Inc. ("Paddock"), a privately-held, Minneapolis-based pharmaceutical manufacturer of generic Rx pharmaceuticals and OTC specialty products for approximately $540 million in cash.

Perrigo Chairman and CEO Joseph C. Papa stated, "We are very pleased to welcome the Paddock team to the Perrigo family. This acquisition is another important step forward in executing Perrigo's strategy to expand our specialty portfolio of generic Rx products. It adds incremental scale, as well as excellent development and manufacturing capabilities across a spectrum of niche dosage forms. It solidifies Perrigo's leading position in the extended topical space and strengthens our ability to offer new products into the market. Paddock has a proven record for quality manufacturing with great customer service."

As previously highlighted, Perrigo expects to receive a significant tax benefit generated from the acquisition of Paddock's assets. The net present value of the tax benefit is estimated to be $95 million. Inclusive of the tax benefit, the total consideration for the acquisition is approximately $445 million.

As a result of the closing of the acquisition, Watson Pharmaceuticals, Inc. (NYSE: WPI) will acquire a portfolio of generic pharmaceutical products from Perrigo that are being divested as a result of the FTC review. The total revenues from marketed products represent less than 0.2% of the combined entities' total FY11 revenues, and none of the revenues from the divested pipeline product were included in Perrigo's projections for the next few fiscal years. Terms were not disclosed.

Perrigo Company is a leading global healthcare supplier that develops, manufactures and distributes OTC and generic prescription (Rx) pharmaceuticals, infant formulas, nutritional products, active pharmaceutical ingredients (API) and pharmaceutical and medical diagnostic products. The Company is the world's largest store brand manufacturer of OTC pharmaceutical products and infant formulas. The Company's primary markets and locations of manufacturing and logistics operations are the United States, Israel, Mexico, the United Kingdom and Australia. Visit Perrigo on the Internet (http://www.perrigo.com).  

Note: Certain statements in this press release are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. These statements relate to future events or the Company's future financial performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Company or its industry to be materially different from those expressed or implied by any forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential" or other comparable terminology. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections.  While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company's control. These and other important factors, including those discussed under "Risk Factors" in the Company's Form 10-K for the year ended June 26, 2010, as well as the Company's subsequent filings with the Securities and Exchange Commission, may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements in this press release are made only as of the date hereof, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.


'/>"/>
SOURCE Perrigo Company
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Perrigo Announces Approval for Over-the-Counter Childrens Cetirizine Oral Solution
2. Perrigo and Partner Cobrek Confirms Filing for Generic Version of Evoclin(R) and Announcement of Lawsuit by Stiefel
3. Perrigo Announces FDA Final Approval for Polyethylene Glycol 3350
4. Perrigo Confirms Filing for Generic Version of Mens Rogaine(R) Foam
5. Perrigo Company Will Release First Quarter Fiscal 2010 Results on November 2, 2009
6. Perrigo Company Announces Dividend Increase
7. Perrigo Company Announces Quarterly Dividend
8. Perrigo Company Will Release Second Quarter Fiscal 2010 Results on February 2, 2010
9. Perrigo Company to Present at the 28th Annual J.P. Morgan Healthcare Conference
10. Perrigo Company To Present at the Sidoti Emerging Growth Conference
11. Perrigo Confirms Filing for Generic Version of Clobex(R) Spray and Announcement of Lawsuit by Galderma and Dermalogix
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/4/2017)... 4, 2017  According to the Centers for Disease Control and Prevention ... . PhysicianOne Urgent Care is helping communities across Massachusetts ... , by offering no-cost* flu shots through the end of the month. ... health insurance regulations. ... to get a flu shot is by the end of October, according ...
(Date:10/2/2017)... 2, 2017 Diplomat Pharmacy, Inc. (NYSE: ... and Consulting, LLC , and named its founder as ... in Tennessee , will operate under ... EnvoyHealth,s service offerings for health care partners to include ... "In an interoperable world, technology delivers ...
(Date:10/2/2017)... , Oct. 2, 2017  AllianceRx Walgreens Prime, ... formed by Walgreens and pharmacy benefit manager Prime Therapeutics ... new brand, which included the unveiling of new signage ... , as well as at a few other company-owned ... new brand to patients, some of whom will begin ...
Breaking Medicine Technology:
(Date:10/13/2017)... ... October 13, 2017 , ... Many families have long-term insurance that ... insurance companies have a waiver for care if the client has a cognitive impairment ... family pays for care, is often waived, so the benefits from their insurance start ...
(Date:10/13/2017)... ... October 13, 2017 , ... ... giving viewers the lowdown on sciatica in a new episode of "Success Files," ... on current events and innovation and investigates each subject in-depth with passion and ...
(Date:10/12/2017)... ... October 12, 2017 , ... ... sleep apnea using cutting-edge Oventus O2Vent technology. As many as 18 ... characterized by frequent cessation in breathing. Oral appliances can offer significant relief to ...
(Date:10/12/2017)... , ... October 12, 2017 , ... ... a leader in post-acute health care, have expanded their existing home health joint ... Health. , AccentCare has been operating a joint venture home health company with ...
(Date:10/12/2017)... ... 12, 2017 , ... On Saturday, October 21, the Health & Wellness Center ... to raise money for the American Heart Association Heart Walk. Teams of up to ... together to keep their treadmills moving for 5 hours. Treadmills will start at 7:00 ...
Breaking Medicine News(10 mins):