Perrigo buys UK's Rosemont Pharma for $283 million

Mon Feb 11, 2013 9:45am EST

(Reuters) - Perrigo Co PRGO.O, a maker of generic and over-the-counter drugs, said it bought UK-based Rosemont Pharmaceuticals Ltd for about $283 million in cash to gain access to Rosemont's oral liquid formulations business.

The deal is expected to add 8 cents to Perrigo's adjusted earnings per share for the remainder of fiscal 2013, Perrigo said in a statement.

Perrigo had earlier forecast adjusted earnings of $5.45 to $5.65 per share.

Rosemont manufactures and supplies over 150 liquid medicines for joint disease, infections and gastrointestinal disorders.

Perrigo said Rosemont, which had net sales of more than $60 million in 2012, will become a part of its prescription drugs business.

The transaction comes 10 days after Perrigo bought privately held Velcera Inc for $160 million, its second acquisition in the animal healthcare market in four months.

It bought Sergeant's Pet Care Products for $285 million last September to tap into the animal healthcare market.

Shares of Perrigo were trading up about 2 percent at $110.13 in early trade on Monday on the Nasdaq.

(Reporting by Esha Dey and Vrinda Manocha in Bangalore; Editing by Roshni Menon)

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