Perrigo paid $86 million cash for Barnsley-based Galpharm Healthcare Ltd.
Perrigo Co. (Agis Industries) (Nasdaq:PRGO; TASE:PRGO) has announced the acquisition of UK company Galpharm Healthcare Ltd. for $86 million in cash. Galpharm is based in Barnsley, Yorkshire. The company supplies over-the-counter (OTC) store brand pharmaceutical products sold by supermarkets, shops, and pharmacies in the UK.
Perrigo said the acquisition was expected to add more than $55 million in sales annually and to be accretive to earnings in the first year.
Perrigo chairman and CEO Joseph C. Papa said, “The acquisition of Galpharm further expands our global presence, complements our existing UK business and increases value for our shareholders. It also helps us meet the world's growing need for quality, affordable healthcare.”
Perrigo has a market cap of $3.11 billion.
Published by Globes [online], Israel business news - www.globes.co.il - on January 10, 2008
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