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Perrigo Acquires Australia's Leading OTC Store Brand Supplier

Mon, 03/01/2010 - 4:01am

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.

 

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