) recently announced that it is set to acquire a UK-based
privately held pharmaceutical company, Rosemont Pharmaceuticals
Ltd. and has entered into a definitive merger agreement for the
same. The deal is valued at $283 million.
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By acquiring Rosemont Pharma, Perrigo aims to strengthen its
position in the UK oral liquid formulations space. Rosemont
Pharma boasts of a portfolio of more than 90 products. The
company generated net sales of more than $60 million in 2012.
The deal is expected to boost Perrigo's adjusted earnings in
fiscal 2013 by $0.08 per share. Perrigo now expects fiscal 2013
earnings in the range of $5.53 - $5.73 per share (previous
guidance: $5.45 - $5.65 per share). The Zacks Consensus Estimate
of $5.56 per share is towards the lower end of the company's
We note that Perrigo has been quite active on the acquisition
front lately. In a bid to strengthen its position in the
over-the-counter (OTC) retail pet healthcare market, just a few
days back Perrigo inked a deal to buy animal health company
Velcera, Inc. for $160 million in cash. The deal is expected to
close in calendar year 2013.
In Dec 2012, Perrigo acquired privately-held Cobrek
Pharmaceuticals, Inc. for approximately $45 million in cash. In
Oct 2012, Perrigo had acquired the entire assets of
privately-held Sergeant's Pet Care Products, Inc.
Perrigo, which develops, manufactures and distributes OTC and
generic prescription pharmaceuticals among others, carries a
Zacks Rank #3 (Hold). Other players in the generic market, such
) and P
ernix Therapeutic Holdings, Inc.
), carry a Zacks Rank #2 (Buy). Meanwhile, biopharma stock,
) has a Zacks Rank #1 (Strong Buy).