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Perrigo Deal For Paddock Won't Close Until FY2012 On FTC Probe

DOW JONES NEWSWIRES Perrigo Co. (PRGO) said its deal to purchase privately-held generic pharmaceutical products maker Paddock Laboratories Inc. won't close in the current quarter as previously expected, as it continues to work through a lengthy review process with the U.S. Federal Trade Commission. Perrigo, a seller of store-brand pharmaceutical and nutrition supplements, had announced in January it would pay $540 million to acquire the assets of Minneapolis-based Paddock. It said then that it expected the transaction to add 25 cents to its adjusted earnings and $200 million to sales in the company's fiscal 2012 year. Wednesday, the company said it now expects the Paddock deal to close in fiscal 2012. Due to the extended horizon, Perrigo will incur 20 cents of deal-related intangible amortization and 15 cents of other acquisition-related costs, hurting earnings by roughly 10 cents a share. The company also reiterated Wednesday its expectations for a tax benefit of $95 million related to the acquisition of Paddock's assets. Last month, Perrigo reported its fiscal third-quarter earnings rose 43% as recent acquisitions helped boost the company's sales. Its acquisition of Orion Laboratories Pty Ltd., for instance, added $7 million in incremental sales to its consumer healthcare unit. Shares were down 0.3% in recent trading at $86.26. Year to date, the stock is up 36%. -By Mia Lamar, Dow Jones Newswires; 212-416-3207; [email protected]

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