Perrigo Acquires Australia's Leading OTC Store Brand Supplier
Allegan-based Perrigo Co. (Nasdaq: PRGO) Monday announced that it has signed a definitive purchase agreement to acquire Orion Laboratories Pty Ltd. for approximately $48 million in cash.
Based in Perth, Western Australia, privately-held Orion is a leading supplier of over-the-counter store brand pharmaceutical products in Australia and New Zealand. In addition, the company manufactures and distributes pharmaceutical products supplied to hospitals in Australia. The acquisition is expected to add more than $30 million in sales annually and be accretive to earnings in the first year.
Perrigo Chairman and CEO Joseph C. Papa stated, "The acquisition of Orion expands our global presence, complements our existing business and increases value for our shareholders. By leveraging Orion's product pipeline and local marketing and distribution expertise, Perrigo is expanding its ability to meet the world's growing need for quality, affordable healthcare."
The company also confirmed that it closed its previously announced sale of the Israeli Consumer Products business to Emilia Group on Feb. 26. The proceeds from this divestiture will be used to fund the strategic acquisition of Orion Laboratories.
Perrigo develops, manufactures and distributes OTC and generic prescription pharmaceuticals, nutritional products, active pharmaceutical ingredients and consumer products. The company is the world's largest manufacturer of OTC pharmaceutical products for the store brand market. The company's primary markets and locations of manufacturing and logistics operations are the United States, Israel, Mexico and the United Kingdom.
More at www.perrigo.com.