Pharmaceutical manufacturer Perrigo Company (NYSE:PRGO; TASE:PRGO) is still conducting business as usual in attempts to ward off a takeover by generic rival Mylan N.V. (NYSE: MYL). Three days after completing the $200 million acquisition of GSK's OTC portfolio, Perrigo has announced today that it has acquired ScarAway, a leading US OTC scar management brand, from Enaltus, LLC. The brand is expected to generate $10 million revenue in 2015 or $3 million for the remainder of the year.
Perrigo chairman, president and CEO Joseph C. Papa said, "While today's acquisition of ScarAway is relatively small in comparison to other transactions we've recently announced, it serves as yet another example of our ability to execute on our 'Base Plus Plus Plus' strategy. We are excited to add this margin-enhancing asset to our already robust U.S. OTC portfolio and believe that by leveraging our unique distribution and customer network, Perrigo is well positioned to accelerate the growth of this brand. We remain committed to pursuing accretive transactions, such as this one, and to further the execution of our strategy as we continue to deliver superior value for our shareholders."
Last week Mylan's shareholders approved the takeover bid for Perrigo. However, because of the fall in Mylan's share price since Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) preferred to buy Allergan's generics division., and now the general fall in markets, the cash and shares bid is only worth $27.8 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on September 1, 2015
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