Perrigo Buys Ophthalmic Products Of Fera For $93M
ALLEGAN -- The Allegan generic and store-brand health products manufacturer Perrigo Co. (NYSE: PRGO) said Monday it had purchased the ophthalmic sterile ointment and solution portfolio of Fera Pharmaceuticals LLC and its affiliates of Long Island, N.Y.
The acquired portfolio, including nine generic prescription products, generated more than $30 million in revenue during 2012.
Terms of the acquisition include an upfront payment of $93 million along with potential contingent payments of $36 million, some of which relate to Perrigo securing more product rights from Fera.
Perrigo said the purchase would also provide tax benefits of about $20 million.
Perrigo said the purchase expands its prescription extended topical portfolio.
The acquisition is expected to add 4 cents a share to earnings in Perrigo's fiscal year 2014 after the inclusion of estimates for intangible amortization, transaction and integration related expenses.
"The ophthalmic category has been one of high strategic interest to Perrigo as we continue to pursue opportunities that strengthen our leadership position within the niche Rx extended topical space," said Perrigo chairman, president and CEO Joseph C. Papa. "The breadth of the Fera portfolio allows us to become immediately relevant to patients and physicians across the country seeking cost-effective alternatives for the treatment of common ocular conditions. This acquisition serves as another example of our commitment to provide consumers everywhere with quality, affordable healthcare offerings."
From its beginnings as a packager of generic home remedies in 1887, Perrigo has grown into a global provider of over-the-counter and generic prescription pharmaceuticals, infant formulas, nutritional products, animal health, dietary supplements and active pharmaceutical ingredients. Perrigo is the world's largest manufacturer of OTC pharmaceutical products for the store brand market. The company's primary markets and locations of logistics operations include the United States, Israel, Mexico, the United Kingdom, India, China and Australia.
More at www.perrigo.com.
