The OTC products are primarily sold through the mass retail channel and include the Herron range of analgesics, vitamins and supplements.
According to the company, the basket of products is expected to generate about $20m in annual revenue.
Perrigo chairman, president and CEO Joseph Papa said the announcement is the result of outstanding contributions from the entire team.
"The acquisition of OTC products in Australia enhances our position by broadening our product offering and increasing our relevance with the mass retail customers," Papa said.
"This deal furthers our strategy to expand our Consumer Healthcare portfolio internationally, while making quality products more affordable for consumers and customers around the world."
Perrigo develops, manufactures and distributes OTC and generic prescription pharmaceuticals, nutritional products and active pharmaceutical ingredients (API), and receives royalties from Multiple Sclerosis drug Tysabri.