Perrigo Company (Nasdaq:PRGO; TASE:PRGO) has acquired the remaining 18.5% of Cobrek Pharmaceuticals Inc. for $45 million, as part of a collaboration agreement to develop foam-based generic drugs.
The collaboration has already developed two commercial foam-based products, and two more products, which have obtained US Food and Drug Administration (FDA) approval, that will be launched during Perrigo's 2013 fiscal year: dermatology products Luxiq foam and Olux-E foam.
Most of Illinois-based Cobrek's profit comes from its partnership with Perrigo, which handles all commercial activities under the existing collaboration agreement. As part of the transaction, Cobrek will forgo any profit share payments earned during Perrigo's second fiscal quarter of 2013.
Perrigo chairman, president and CEO Joseph Papa stated, " This acquisition allows us to capture the full economics going forward on our portfolio of prescription foams as well as maintain control over future development activities in this important category of extended topical products. Acquiring the remaining stake of Cobrek not already owned is the logical next step in this relationship and will allow us to continue to bring quality, affordable healthcare to our consumers and customers."
Published by Globes [online], Israel business news - www.globes-online.com - on December 30, 2012
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