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Perrigo Acquires Infant-Formula Manufacturer PBM

March 24, 2010
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Perrigo Co., Allegan, Mich., said it signed a definitive merger agreement to acquire PBM Holdings Inc. for approximately $808 million in cash. Based in Gordonsville, Va., privately held PBM manufactures and distributes over-the-counter store brand infant formula and baby foods sold by leading retailers in the mass, club, grocery and drugstore channels in the United States, Canada, Mexico and China. The acquisition is expected to close in Perrigo’s fiscal 2010 fourth quarter, pending regulatory approval.

“This acquisition positions Perrigo to expand its store brand market leadership into another important product category for our retailers,” said Joseph Papa, chairman and CEO of Perrigo. “Just as Perrigo developed the OTC store brand market over the last several decades, PBM created the store brand value proposition within the highly regulated infant formula space. We believe that PBM’s mission to provide families with high-quality, state-of-the-art formulas at sensible prices complements perfectly Perrigo’s mission to deliver quality, affordable healthcare to consumers.”

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