MEDIA RELEASE PR38548
Perrigo Acquires Australia's Leading OTC Store Brand Supplier
ALLEGAN, Mich., Mar. 2 /PRNewswire-AsiaNet/ --
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
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
CONTACT: Arthur J. Shannon,
Vice President,
Investor Relations and Communication,
+1-269-686-1709,
ajshannon@perrigo.com; or
Daniel B. Willard,
Manager,
Investor Relations and Communication,
+1-269-686-1597,
dbwillard@perrigo.com
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