Generic drug maker Perrigo Co. (PRGO), Monday said it has acquired UK-based Rosemont Pharmaceuticals Ltd. for about 180 million pounds or $283 million in cash. Perrigo expects the acquisition to help in the expansion of its oral liquid formulations market. The company also lifted its full year adjusted earnings guidance to reflect the acquisition.
Perrigo Chief Executive Joseph Papa said, "We continue to focus on expanding our international footprint and view the acquisition of Rosemont as an opportunistic next step given our existing presence in the U.K."
Rosemont is a specialty and generic prescription pharmaceutical company focused on making oral liquid formulations. Rosemont generated sales of about 40 million pounds or more than $60 million for 2012.
On February 1, Perrigo announced the acquisition of Velcera Inc., a pet health products company, for $160 million in cash.
Perrigo said it expects Rosemont acquisition to be accretive to adjusted earnings by $0.08 per share and by about $0.04 to $0.07 per share to GAAP earnings for remainder of fiscal year 2013.
Perrigo now expects full-year 2013 earnings in the range of $4.67 - $4.87 per share, and adjusted earnings of $5.53 - $5.73 per share. Analysts polled by Thomson Reuters currently expect earnings of $5.56 per share for 2013. Analysts' estimates typically exclude special items.
Previously, the company expected earnings of $4.73 - $4.93 per share, and adjusted earnings of $5.45 - $5.65 per share for fiscal 2013.
PRGO is currently trading at $110.24, up $1.94 or 1.79%, on the Nasdaq.
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