Perrigo buys over-the-counter lines for $51M
Perrigo is expecting a new set of over-the-counter products it has acquired to generate at least $20 million in annual revenue.
Perrigo said last month that it has acquired “a basket” of value-brand over-the-counter products sold in Australia and New Zealand from Aspen Global for $51 million in cash.
The products are primarily sold through the mass retail channel and include the Herron range of analgesics, vitamins and supplements.
The deal furthers the drug maker’s strategy to expand its consumer health care portfolio internationally, said Joseph C. Papa, Perrigo chairman, president and CEO.
The move “enhances our position by broadening our product offering and increasing our relevance with the mass retail customers,” Papa said.
"This announcement is the result of outstanding contributions from the entire team,” Papa said.
Perrigo, which recently moved its headquarters from Allegan to Dublin, Ireland, is the world's largest maker of OTC health care products, including prescription pharmaceuticals, for the store brand market.