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news.Perrigo Company, a manufacturer of over-the-counter (OTC) drugs such as analgesics, cough/cold medicines, antacids, laxatives and nutritional products, is set to take over all the assets of Paddock Laboratories for approximately $540m in cash, under a definite agreement signed between the companies.
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The proposed transaction is subject to customary closing conditions, including notification and clearance under certain antitrust statutes.
Perrigo expects the transaction to close during its fourth fiscal quarter of 2011.
Perrigo chairman and CEO Joseph Papa said this acquisition is an important next step forward in executing on their strategy to expand specialty portfolio of generic Rx products.
"It adds incremental scale, as well as excellent development and manufacturing capabilities across a spectrum of niche dosage forms," Papa said.