ALLEGAN, Mich., Feb. 17, 2011 /PRNewswire/ -- Perrigo (Nasdaq: PRGO; TASE) today announced that it has entered into an exclusive agreement with AgaMatrix, Inc. to sell and distribute blood glucose monitors and test strips in the U.S. store brand channel. As part of the agreement, Perrigo will sell and distribute certain products in the current AgaMatrix portfolio as well as certain future new products. AgaMatrix is a privately held company focused entirely on innovative solutions for people with diabetes. Their leading edge technologies have been commercially available since 2006. Terms of the deal were not disclosed.
It is estimated that over $2.8 billion(1) is spent annually on glucose monitoring meters and test strips in the U.S. Perrigo will leverage its existing store brand retail channels to expand distribution of the new blood glucose meters and testing strips to consumers in early 2011. In addition, the Company will continue to explore a full range of diabetes care products that extends beyond blood glucose monitoring.
Perrigo's Chairman and CEO Joseph C. Papa stated, "Entering this adjacent product category has been high on our strategic priority list due to the fact that the growing diabetic community has an increasing demand for more quality, affordable healthcare options. It is well known that regular blood glucose testing is critical to effective diabetes management. What is also well known is that the cost of testing strips and supplies often prevents many diabetics from testing as often as they should." Added Mr. Papa, "The Center for Disease control estimates that one in three Americans will develop diabetes in their lifetime. Given the strong patient demand for high quality and value in this segment, we are very pleased to have completed this deal with AgaMatrix who, we believe, has industry-leading quality and technology."
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.
(1) Data US Diabetes Care Device Market Analysis, May 2009