As reported in Globes.co.il: The private Minneapolis-based company produces specialty generic drugs.
The acquisition is due to be completed in Perrigo’s fourth fiscal quarter of 2011, i.e. by June.
Perrigo chairman and CEO Joseph Papa said, “This acquisition is an important next step forward in executing on our strategy to expand our specialty portfolio of generic Rx products.”
Paddock Laboratories chairman Bruce Paddock founded the company in 1977. It has more than 400 employees. Its CEO is Michael Graves.
Perrigo, an over-the-counter drug maker, entered Israel when it acquired Agis for $820 million. It previous large acquisition was its purchase of infant formula manufacturer PBM Holdings Inc. last year for $808 million.
Perrigo’s share price rose 3.6% at the opening on Nasdaq today to $68.66, giving a market cap of $6.32 billion. The share price rose 3.7% on the TASE today to NIS 245.50.