Perrigo Swallows Baby Food

Perrigo investors happily lapped up shares of the over-the-counter and medication curative builder on Tuesday after it voiced an agreement to take baby food and regulation builder PBM Holdings.According to Perrigo ( PRGO - news - people ), the understanding will be saved with $175 million of money on palm and $300 million from the existent debt agreements. The change will be lifted by one or some-more sources of new debt financing. Perrigo expects the understanding to close in the companys mercantile fourth quarter.emailprintreprintnewslettercommentssharedel.icio.usDigg It!yahooFacebookTwitterRedditrssforbes:http://www.forbes.com/2010/03/23/perrigo-pbm-holdings-markets-equities-acquisition-baby-food-closer.html?partner=yahoobuzz"Just as Perrigo grown the over-the-counter store code marketplace over the last multiform decades, PBM combined the store code worth tender inside of the rarely regulated infant regulation space," says Joseph Papa, arch senior manager of Perrigo.Perrigo says that the squeeze of PBM will supplement rounded off $300 million of sales in the initial mercantile year and at slightest 10 cents per share in profits, with full lapse on invested collateral accretive in dual years.On headlines of the acquisition, shares of Allegin, Mich.-based Perrigo gained 11.9%, or $6.07, to $57.20 Tuesday.Gordonsville, V.A.-based PBM creates and distributes store-brand infant regulation and baby dishes to grocery and drugstores in the U.S. Canada, Mexico and China. Its products contest with Abbott Laboratories" ( ABT - news - people ) Similac brand.,,2010/03/23/perrigo-pbm-holdings-markets-equities-acquisition-baby-food-closer.htmlIn early Mar Perrigo acquired Orion Laboratories, an over-the-counter drugmaker formed in Western Australia, for $48 million in cash. Perrigo pronounced the buyout would progress annual sales by some-more than $30 million. The further of Orion will assistance Perrigo enhance the participation in Australia and New Zealand.The merger of Orion is unchanging with Perrigos plan of expanding the commercial operation both by embankment and product category," says William Blair researcher Jon Andedsen. The researcher records that the store code marketplace is less grown in Australia and New Zealand than in the U.S., and "offers plenty room for growth."According to Caris researcher Linda Weiser, near-term certain catalysts for Perrigo could embody FDA capitulation for the store-brand Mucinex, and regulatory capitulation for over-the-counter Allegra. Weiser additionally records that Teva Pharmaceutical Industries ( TEVA - news - people ) is now delectable Merck"s ( MRK - news - people ) obvious on the brain growth treatment, Temador, with Perrigo provision the active curative ingregient. If Teva wins the interest the dual companies will share the increase of general Temador 50-50, that Weiser says could be utterly essential for Perrigo.Perrgios peers and competitors were rising Tuesday. NBTY ( NTY - news - people ) gained 96 cents, or 2%, to $49.04; Teva jumped eleven cents, or 0.2%, to $64.54; and Schiff Nutrition International ( WNI - news - people ) ticked up 4 cents, or 4.7%, to $9.
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