Perrigo Acquires Patheon's Mexican Operations
DUBLIN, May 12, 2015 /PRNewswire/ - Perrigo Company plc (NYSE: PRGO; TASE) announced today that it has acquired the Mexican operations of Durham, North Carolina-based Patheon for $34 million in cash.
The acquisition is expected to be immediately accretive to calendar 2015 adjusted EPS after the exclusion of estimates for intangible amortization and transaction-related costs.
Perrigo Chairman, President and CEO Joseph C. Papa stated, "We are pleased to announce this transaction and are excited 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, 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."
Perrigo Company plc, a top five global over-the-counter (OTC) consumer goods and pharmaceutical company, offers consumers and customers high quality products at affordable prices. From its beginnings in 1887 as a packager of generic home remedies, Perrigo, headquartered in Ireland, has grown to become the world's largest manufacturer of OTC products and supplier of infant formulas for the store brand market. The Company is also a leading provider of branded OTC products, generic extended topical prescription products and receives royalties from Multiple Sclerosis drug Tysabri®. Perrigo provides "Quality Affordable Healthcare Products®" across a wide variety of product categories and geographies primarily in North America, Europe, and Australia, as well as other key markets including Israel and China. Visit Perrigo online at (http://www.perrigo.com).
Certain statements in this presentation are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. These statements relate to future events or the Company's future financial performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Company or its industry to be materially different from those expressed or implied by any forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential" or other comparable terminology. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company's control. These and other important factors, including those discussed under "Risk Factors" in the Perrigo Company's Form 10-K for the year ended June 28, 2014, as well as the Company's subsequent filings with the Securities and Exchange Commission, may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements in this presentation are made only as of the date hereof, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.