Perrigo Company (NYSE:PRGO; TASE:PRGO) has acquired an ophthalmic sterile ointment and solution product portfolio from Fera Pharmaceuticals LLC. This is Perrigo's fourth acquisition in the past nine months.
Perrigo executive vice president Sharon Kochan told "Globes" several days ago, "Our acquisitions are designed to help us enter new geographical regions or to strengthen our position in our core activities."
The newly acquired portfolio, including nine prescription ANDA products, generated more than $30 million net revenue in 2012. Terms of the transaction include an upfront cash payment of $93 million along with potential contingent payments totaling $36 million, some of which relate to Perrigo securing additional product rights from Fera. Perrigo also expects to receive a tax benefit as a result of the acquisition, the net present value of which is estimated to be $20 million.
Perrigo said that this acquisition is expected to be more than $0.12 accretive to adjusted EPS for fiscal 2014 and more than $0.04 accretive to GAAP EPS after the inclusion of estimates for intangible amortization, transaction and integration related expenses.
Perrigo chairman, president and CEO Joseph C. Papa said, "The ophthalmic category has been one of high strategic interest to Perrigo as we continue to pursue opportunities that strengthen our leadership position within the niche Rx extended topical space. The breadth of the Fera portfolio allows us to become immediately relevant to patients and physicians across the country seeking cost-effective alternatives for the treatment of common ocular conditions. This acquisition serves as another example of our commitment to provide consumers everywhere with quality, affordable healthcare offerings."
Published by Globes [online], Israel business news - www.globes-online.com - on June 18, 2013
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