Perrigo completes Agis acquisition
products, has completed its acquisition of Agis Industries, the
second largest drug company in Israel, for $818m.
Perrigo said the acquisition will enable it to expand its presence in the market for generic drugs and active pharmaceutical ingredients (APIs), as well as its consumer health products business.
The Agis deal will add ,i>"products, pipeline and proprietary technologies" that will provide Perrigo with "the opportunity to accelerate growth," according to Dave Gibbons, Perrigo's CEO.
Agis is particularly strong in topical genric drugs, and has an established business in supplying bulk APIs to the fast-growing generic industry. Rumours regarding a merger or takeover at the company were rife last year, with generics company IVAX forced to issue a statement denying its involvement in the company, before Perrigo emerged as source of the speculation.
The deal gives Perrigo shareholders control of 77 per cent of the combined company, whose headquarters will remain in Allegan, Michigan, US. For the fiscal year ended June 26, 2004, Perrigo earned $81m on revenues of $898m. Similarly, for the year ended 31 December 2003, Agis earned $31.3m on revenues of $376m.
