Generic drug maker Perrigo Co. (PRGO) announced that it has signed a definitive merger agreement and has completed the acquisition of Leeds, U.K.-based Rosemont Pharmaceuticals Ltd. for about £180 million or $283 million in cash.
Founded in 1967, Rosemont is a specialty and generic prescription pharmaceutical company focused on the manufacturing and marketing of oral liquid formulations. Rosemont's net sales during calendar year 2012 were approximately £40 million or more than $60 million with gross and operating margins similar to those of Perrigo's Rx pharmaceuticals segment, where Rosemont's results of operations will be included.
Rosemont is expected to be $0.08 accretive to adjusted earnings per share for the remainder of fiscal 2013, and approximately $0.04 to $0.07 dilutive to GAAP earnings per share after the inclusion of estimates for intangible amortization, transaction and integration related expenses.
Including this acquisition, Perrigo now expects fiscal 2013 reported earnings to be in the range of $4.67 - $4.87 per share, and adjusted earnings of $5.53 - $5.73 per share. Earlier, the company had expected net earnings to be in the range of $4.73 - $4.93 per share, and adjusted earnings of $5.45 - $5.65 per share for fiscal 2013.
Analysts polled by Thomson Reuters expect the company to report earnings of $5.56 per share for fiscal 2013. Analysts' estimates typically exclude special items.
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