Pharma: Perigo to buy assets of Paddock Labs
Perrigo Company says that it has signed a definitive agreement to acquire substantially all of the assets of Paddock Laboratories, Inc. ("Paddock"), a privately-held, Minneapolis-based manufacturer and marketer of generic pharmaceutical products for approximately USD540 million in cash.
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Perrigo expects to receive a significant tax benefit as a result of the acquisition of Paddock's assets. The net present value of this tax benefit is estimated to be USD95 million.
The acquisition is expected to close during the Company's fiscal 2011 fourth quarter pending regulatory approval.
Highlights (per company)
- Paddock Labs is a privately-held manufacturer and marketer of generic Rx pharmaceutical products- All cash transaction with a purchase price of USD540 million, or USD445 million net of certain tax benefits- Acquisition expected to add over USD200 million in sales during its first full fiscal year- Anticipated to be approximately USD0.05 accretive to GAAP EPS in fiscal 2012 and ROIC accretive in fiscal 2013- Expands Perrigo's generic Rx extended topical product offering, pipeline and scale
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