By Chelsey Dulaney
Perrigo Co., in the midst of a three-way takeover tussle, said
Tuesday that it has agreed to buy the Mexican operations of Patheon
for $34 million in cash.
Perrigo Chief Executive Joseph C. Papa said the deal will give
Perrigo manufacturing technology for softgel products--long a
desire for the company.
Durham, N.C.-based Patheon is a unit of privately-held DPx
Holdings B.V. The company provides contract drug development and
manufacturing services.
Perrigo makes over-the-counter cough-and-cold remedies and
infant formula for chains like Wal-Mart Stores Inc., which sell the
products under their own names.
Perrigo expects the deal to add immediately to its 2015 adjusted
per-share earnings.
The deal comes as Perrigo rebuffs takeover attempts from Mylan
NV. Last month, Mylan increased its offer to acquire Perrigo to
$35.6 billion. Perrigo has thus far rejected Mylan's advances.
Meanwhile, Mylan itself has become the target of a proposed $40
billion takeover from Teva Pharmaceutical Industries Ltd.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
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