In the middle of a hostile $34 billion takeover bid from Mylan, while, Mylan itself has become the target of a proposed $40 billion takeover from Teva Pharmaceutical Industries Ltd. Perrigo Company (NYSE:PRGO; TASE:PRGO) announced today that it has acquired Mexican operations of Patheon for $34 million in cash.
Durham, N.C.-based Patheon is a unit of privately-held DPx Holdings B.V. The company provides contract drug development and manufacturing services.
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Perrigo makes over-the-counter cough-and-cold remedies and infant formula for chains like Wal-Mart Stores Inc., which sell the products under their own names.
Perrigo expects the deal to add immediately to its 2015 adjusted per-share earnings.
Perrigo Chairman, President and CEO Joseph C. Papa stated, “We are pleased by the many important benefits it provides to the Company. Perrigo has long desired to be a prime manufacturer of softgel products and we believe the acquisition of Patheon’s Mexican operations serves as an ideal entry point into the space.
“Additionally, and importantly”, He said, “we believe Perrigo is uniquely positioned to maximize the potential of the business by leveraging our own Mexican operations to drive growth and value for our customers and shareholders. This acquisition serves as yet another example of Perrigo’s unwavering commitment to provide Quality Affordable Healthcare Products to consumers around the world, and we look forward to further executing on this mission.”