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Perrigo to Acquire Assets of Paddock Labs for $540 Million
Date:1/20/2011

ALLEGAN, Mich., Jan. 20, 2011 /PRNewswire/ -- Perrigo Company (Nasdaq: PRGO; TASE) today announced that it has signed a definitive agreement to acquire substantially all of the assets of Paddock Laboratories, Inc. ("Paddock"), a privately-held, Minneapolis-based manufacturer and marketer of generic pharmaceutical products for approximately $540 million in cash. Perrigo expects to receive a significant tax benefit as a result of the acquisition of Paddock's assets. The net present value of this tax benefit is estimated to be $95 million.  The acquisition is expected to close during the Company's fiscal 2011 fourth quarter pending regulatory approval.

Perrigo Chairman and CEO Joseph C. Papa stated, "This acquisition is an important next step forward in executing on our 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. And importantly, Paddock has a proven record for quality manufacturing with great customer service."

Key benefits of the transaction:

  • Supports Perrigo's Long-Term Growth Strategy. The transaction is aligned with the Company's strategy to further expand its generics portfolio while maintaining its strong balance sheet.

  • Complements Perrigo's Commitment to Quality. Paddock has a 30 year history of high quality manufacturing and reliability.  

  • Expands the Breadth of Perrigo's Product Offerings and adds a Strong New Product Pipeline. The transaction is expected to add more than $200 million in annual sales with over 35 products and a strong product pipeline with more th
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SOURCE Perrigo Company
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