Perrigo acquires Patheon's Mexican operations for $34m

Joseph Papa

Perrigo CEO: This acquisition will leverage our Mexican operations to drive growth and value for our customers and shareholders.

In the middle of a hostile $34 billion takeover bid from Mylan, Perrigo Company (NYSE:PRGO; TASE:PRGO) has announced today that it has acquired the Mexican operations of Patheon, based in Durham, North Carolina for $34 million in cash.

The acquisition is expected to be immediately accretive to calendar 2015 adjusted EPS after the exclusion of estimates for intangible amortization and transaction-related costs.

Perrigo chairman, president and CEO Joseph C. Papa said, "We are pleased to announce this transaction and are excited by the many important benefits it provides to the Company. Perrigo has long desired to be a prime manufacturer of softgel products and we believe the acquisition of Patheon's Mexican operations serves as an ideal entry point into the space. Additionally, and importantly, we believe Perrigo is uniquely positioned to maximize the potential of the business by leveraging our own Mexican operations to drive growth and value for our customers and shareholders. This acquisition serves as yet another example of Perrigo's unwavering commitment to provide Quality Affordable Healthcare Products to consumers around the world, and we look forward to further executing on this mission."

Published by Globes [online], Israel business news - www.globes-online.com - on May 12, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

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