Perrigo buys generic skin-care line for $56M

Perrigo Co. announced Tuesday it has entered a purchase agreement to buy a generic, prescription-skin-care products line from Glades Pharmaceuticals Inc. for $56 million.

Perrigo, the Allegan-based maker of store-brand pharmaceuticals and nutritional products, said it to will acquire nine generic prescription dermatological products and four pipeline products from Glades. The move is expected to add more than $20 million in sales a year.

Georgia-based Glades is a subsidiary of Stiefel Laboratories Inc., a privately owned company that specializes in the branded dermatological market. The deal is expected to close by the end of this month.

"We have enhanced our existing U.S. product portfolio and future pipeline with this strategic acquisition, demonstrating our ongoing commitment to the generic prescription dermatological space," Perrigo Chief Executive Officer Joe Papa said in a press release.

"We believe that these new and future products will expand our leadership position in this category."

He said the acquisition is also an opportunity for Perrigo to improve returns on its existing asset base.

"We look to identify more such opportunities in the future," he said.

Source: www.mlive.com