Perrigo will acquire Entocort (budesonide) capsules as well as the authorized generic capsules marketed by Par Pharmaceuticals within the US from AstraZeneca plc for $380 million.
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Entocort, a gastroenterology medicine for patients with mild to moderate Crohn’s disease, has exhibited consistent revenue streams since the launch of limited generic competition in 2011.
Perrigo Chairman and CEO Joseph Papa said, “Strategically, Entocort fits well within our growing Rx portfolio and serves as yet another example of our ability to execute on our ‘Base Plus Plus Plus’ strategy. We are excited to add this margin-enhancing asset to our already robust Rx portfolio and remain committed to pursuing accretive transactions, such as this one, to continue delivering superior value for our shareholders.”
The transaction is expected to immediately exceed Perrigo’s ROIC threshold and be more than $0.35 accretive to 2016 adjusted EPS after the exclusion of estimates for intangible amortization, transaction costs and integration related expenses. The transaction is expected to close by the end of 2015, subject to customary closing conditions.