Perrigo Acquires New Entity

May 21, 2008
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ALLEGAN —  Perrigo Co. has entered into a collaborative agreement with Cobrek Pharmaceuticals that calls for Cobrek to contribute its abbreviated new drug application filing for a generic equivalent of Luxig foam — $34 million branded pharmaceutical product — and for Perrigo to contribute two of its early stage generic topical pipeline products to the partnership.

Both parties will share the development costs and profits generated by the products, and Perrigo will be the exclusive distributor. Cobrek Pharmaceuticals is newly formed entity of Pentech Pharmaceuticals Inc., a privately held company that specializes in the research and development of niche generic dosage forms.

Perrigo believes it will be the first to market the generic version of Luxig. The company said it will invest $12.5 million in cash in Cobrek in exchange for a minority ownership in the company. Parent company Pentech agreed to contribute to Cobrek all of its interests in current and future ANDA filings, including a potential first-to-file on a generic version of Hectoral.

“Cobrek will utilize its proven ability to develop niche generic products while capitalizing on Perigee’s marketing and distribution capabilities,” Perrigo Chairman and CEO Joseph Papa stated. “This strategic collaborative agreement and investment enhances our existing U.S. product portfolio and future pipeline, demonstrating our ongoing commitment to the generic prescription dermatological space.”

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