Perrigo to Buy Generic Drugs Maker

Pharmaceutical manufacturer Perrigo hopes the transaction will add more than $200 million to its annual sales during its first fiscal year.

Pharmaceutical manufacturer Perrigo will buy Minneapolis-based generic drugs maker Paddock Laboratories for $540 million in cash.

The acquired firm includes over 35 marketed products and a pipeline including more than 25 ANDAs pending approval by FDA. “This acquisition is an important next step forward in executing on our strategy to expand our specialty portfolio of generic Rx products,” states Joseph C. Papa, Perrigo chairman and CEO. “It adds incremental scale, as well as excellent development and manufacturing capabilities across a spectrum of niche dosage forms. It solidifies Perrigo’s leading position in the extended topical space and strengthens our ability to offer new products into the market.”

Perrigo is funding its acquisition usin