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

an 25 ANDAs pending approval with the U.S. Food and Drug Administration.
  • Compelling Value Consistent with Stated Acquisition Criteria. Assuming a fourth quarter fiscal 2011 close, the transaction is expected to be approximately $0.05 accretive to GAAP earnings per share and, excluding $0.20 of deal-related intangible amortization, $0.25 accretive to adjusted earnings per share in fiscal year 2012. Perrigo's stated goal of Return on Invested Capital accretion is expected to be achieved in fiscal 2013. In addition, the transaction has been structured to allow the Company to preserve its strong balance sheet and financial flexibility.

Transaction terms

Pursuant to the terms of the agreement, Perrigo will acquire substantially all of the assets of Paddock for $540 million in cash. No Paddock debt or cash will be assumed in this transaction. Perrigo intends to fund the transaction using approximately $80 million of cash on hand, $310 million available per the terms of its existing bank debt agreements and $150 million from a new term loan pursuant to a commitment from Morgan Stanley, JPMorgan and Bank of America. The new term loan commitment allows for syndication of an additional $100 million which, if exercised, would reduce the amount funded under existing bank debt agreements.

Perrigo expects to receive a significant tax benefit generated from the deduction of the step-up in tax basis resulting from the acquisition of Paddock's assets. This increase in basis is expected to result in cash tax savings to Perrigo over the next 15 years. The estimated net present value of these savings is approximately $95 million. 

The proposed transaction is subject to customary closing conditions, including notification and clearance under certain antitrust statutes. There are no financing conditions to closing the acquisition agreement. Perrigo expects the transaction to c
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SOURCE Perrigo Company
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