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news.Perrigo has signed a definitive purchase agreement to acquire Orion Laboratories for approximately $48m in cash. Based in Perth, Western Australia, Orion is a supplier of over-the-counter (OTC) store brand pharmaceutical products in Australia and New Zealand.
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In addition, Orion manufactures and distributes pharmaceutical products supplied to hospitals in Australia. The acquisition is expected to add more than $30m in sales annually and be accretive to earnings in the first year.
Perrigo also confirmed that it has closed its previously announced sale of the Israeli consumer products business to Emilia Group in February 2010. The proceeds from this divestiture will be used to fund the strategic acquisition of Orion.
Joseph Papa, chairman and CEO of Perrigo, said: “The acquisition of Orion expands our global presence, complements our existing business and increases value for our shareholders. By leveraging Orion’s product pipeline and local marketing and distribution expertise, Perrigo is expanding its ability to meet the world’s growing need for quality, affordable healthcare.”