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Drug maker Perrigo Co. said Monday it is buying Orion Laboratories for $48 million in cash, expanding its reach in Australia and New Zealand.

Perrigo, which sells over-the-counter drugs, said the buyout is expected to boost annual sales by more than $30 million and add to earnings in the first year.

Orion, based in Western Australia, is a privately held supplier of nonprescription, store-brand drugs. Also, the company makes and distributes pharmaceutical products to hospitals.

Perrigo shares rose $1.48, or 3 percent, to $51.05 in afternoon trading. The stock reached $51.33, its highest point in a decade, earlier during the trading session.

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