Perrigo Company 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 (OTC) 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 February 26th, 2010.
The proceeds from this divestiture will be used to fund the strategic
acquisition of Orion Laboratories.