Perrigo Co., an Allegan, Mich.-based supplier of private label over-the-counter (OTC) and generic prescription pharmaceuticals, nutritional products and more, said it signed a definitive purchase agreement to acquire Orion Laboratories Pty Ltd., an Australian supplier of store brand OTC products. Perrigo also confirmed the closing of its previously announced sale of the Israeli Consumer Products business to Emilia Group; the company will use the proceeds from that divestiture to fund the Orion purchase.

“The acquisition of Orion expands our global presence, complements our existing business and increases value for our shareholders,” said Joseph C. Papa, Perrigo’s chairman and CEO. “By leveraging Orion’s product pipeline and local marketing and distribution expertise, Perrigo is expanding its ability to meet the world’s growing need for quality, affordable healthcare.”