Perrigo buys UK's Rosemont Pharma for $283 million
(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)
- Tweet this
- Share this
- Digg this