Perrigo to acquire Patheon’s Mexican Business for $34 Million
Wednesday, May 13, 2015
Perrigo Co., in the midst of a three-way takeover tussle, said Tuesday that it has agreed to buy the Mexican operations of Patheon for $34 million in cash.
Perrigo Chief Executive Joseph C. Papa said the deal will give Perrigo manufacturing technology for softgel products—long a desire for the company.
Durham, N.C.-based Patheon is a unit of privately-held DPx Holdings B.V. The company provides contract drug development and manufacturing services.
Perrigo makes over-the-counter cough-and-cold remedies and infant formula for chains like Wal-Mart Stores Inc., which sell the products under their own names.
Perrigo expects the deal to add immediately to its 2015 adjusted per-share earnings.
The deal comes as Perrigo rebuffs takeover attempts from Mylan NV. Last month, Mylan increased its offer to acquire Perrigo to $35.6 billion. Perrigo has thus far rejected Mylan’s advances.
Meanwhile, Mylan itself has become the target of a proposed $40 billion takeover from Teva Pharmaceutical Industries Ltd.
wsj.com
