Perrigo closed the sale of its Israeli cosmetics business, Careline, for NIS 43 million to partly fund the deal.
Generic and over-the-counter (OTC) maker Perrigo Company (Nasdaq:PRGO; TASE:PRGO) has acquired Australian OTC store brand pharmaceutical products company Orion Laboratories Pty Ltd. for $48 million in cash. Perrigo said that the acquisition would boost its revenue by over $30 million a year.
Perrigo the sale of its Israeli cosmetics business, Careline Ltd. to Emilia Development (OFG) Ltd. (TASE:EMDV) for NIS 43 million. Perrigo acquired Careline as part of the acquisition of Agis for $55 million in 2005.
Perrigo's share closed at $49.57 on Nasdaq on Friday, giving a market cap of $4.52 billion. The share rose 3.6% on the TASE today to NIS 190.60.
Published by Globes [online], Israel business news - www.globes-online.com - on March 1, 2010
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