Perrigo Acquires Australia's Leading OTC Store Brand Supplier
ALLEGAN, Mich., March 1 Perrigo Company (Nasdaq: PRGO; TASE) today announced that it 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.
Perrigo Company is a leading global healthcare supplier that develops, manufactures and distributes OTC and generic prescription pharmaceuticals, nutritional products, active pharmaceutical ingredients (API) and consumer products. The Company is the world's largest manufacturer of OTC pharmaceutical products for the store brand market. The Company's primary markets and locations of manufacturing and logistics operations are the United States, Israel, Mexico and the United Kingdom. Visit Perrigo on the Internet (http://www.perrigo.com).
Note: Certain statements in this press release are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. These statements relate to future events or the Company's future financial performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Company or its industry to be materially different from those expressed or implied by any forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential" or other comparable terminology. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company's control. These and other important factors, including those discussed under "Risk Factors" in the Company's Form 10-K for the year ended June 27, 2009, as well as the Company's subsequent filings with the Securities and Exchange Commission, may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements in this press release are made only as of the date hereof, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Perrigo Company
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