ALLEGAN, Mich., March 6 /PRNewswire-FirstCall/ -- The Perrigo Company (Nasdaq: PRGO; TASE) today announced that it has entered into a purchase agreement to acquire nine generic prescription dermatological products and four pipeline products from Glades Pharmaceuticals, Inc. for $56 million in cash plus other consideration for future R&D collaborations. Glades is a subsidiary of Stiefel Laboratories, Inc., a privately owned company that specializes in the branded dermatology market. The transaction is expected to close by the end of March. The acquisition is expected to add more than $20 million in net sales annually and be accretive immediately.
Commenting on the announcement, Perrigo President and Chief Executive Officer, Joe Papa, stated, “We have enhanced our existing U.S. product portfolio and future pipeline with this strategic acquisition, demonstrating our on-going commitment to the generic prescription dermatological space. We believe that these new and future products will expand our leadership position in this category. This acquisition is also an opportunity for us to improve returns on our existing asset base. We look to identify more such opportunities in the future.”
The Perrigo Company is a leading global healthcare supplier and the world’s largest manufacturer of over-the-counter (OTC) pharmaceutical and nutritional products for the store brand market. Store brand products are sold by food, drug, mass merchandise, dollar store and club store retailers under their own labels. The Company also develops, manufactures and markets prescription generic drugs, active pharmaceutical ingredients and consumer products, and operates manufacturing facilities in the United States, Israel, the United Kingdom, Mexico, Germany and China. 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 particular, statements about the Company’s expectations, beliefs, plans, objectives, assumptions or future events or performance contained in this press release are 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 the negative of those terms 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 July 1, 2006, 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
