Perrigo Company plc ("Perrigo") (NYSE: PRGO; TASE) today announced that it has completed the acquisition of leading OTC brands from GSK in an all cash transaction valued at €200 million. The transaction is a clear demonstration of Perrigo's unique ability to maximize brand value across the Company's leading European distribution network spanning 36 countries.
Perrigo Chairman, President and CEO Joseph C. Papa commented, "We are excited to complete this transaction, which clearly demonstrates our ability to execute on our 'Base Plus Plus Plus' strategy. We are thrilled to already add to our pan-European infrastructure with strategic M&A that has a multiplier effect on our growth. It is Perrigo's superior supply chain capabilities, and Branded Healthcare's brand building expertise, which will allow us to realize this portfolio's full potential and capture an even greater share of the $30 billion European OTC market opportunity. I'm excited about the future prospects in this truly global consumer business platform and the mega trends that we can capitalize on."
Perrigo continues to expect the acquisition to be immediately accretive to Perrigo's calendar 2015 adjusted earnings per share after the exclusion of estimates for the intangible amortization and transaction-related costs and is not considered material to the previous profit forecast.
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