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Perrigo Company (PRGO)

  • Nov. 25, 2014, 3:56 PM
    • Perrigo Company plc (PRGO -0.1%) places $1.6B aggregate principal amount of Senior Notes. The offering consisted of $500M 3.50% Senior Notes due 2021, $700M 3.90% Senior Notes due 2024 and $400M 4.90% Senior Notes due 2044. The three issues were sold at 99.937%, 99.579% and 99.701%, respectively.
    • Proceeds will fund the company's acquisition of Omega Pharma Invest NV.
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  • Nov. 6, 2014, 7:44 AM
    • Perrigo Co. (NYSE:PRGO) acquires Belgian consumer health products maker Omega Pharma NV for €2.48B ($3.11B) plus €1.1B in debt. 
    • The company will finance the transaction with a combination of cash and debt. It will play 25% of the equity value via the placement of shares to Omega founder Marc Coucke.
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  • Oct. 30, 2014, 9:36 AM
    • Bloomberg reports Perrigo (PRGO +1.2%) is in "exclusive talks" to buy Belgian over-the-counter drugmaker Omega Pharma, and that a deal could be reached soon.
    • Omega was previously reported to be on the block back in August. Bloomberg's sources state the company could be sold for over €4B ($5B).
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  • Sep. 29, 2014, 3:57 PM
    • Perrigo Co. (PRGO -0.6%) acquires a portfolio of women's healthcare products from privately-held Missouri-based Lumara Health for $82M in cash. The products generated more than $15M in top-line sales for the 12-month period ended March 31, 2014.
    • Separately, Perrigo transfers a portfolio of preclinical research assets to Imago Pharmaceuticals for an undisclosed upfront payment, development-related milestones and royalties on future sales. The portfolio includes IP, drug candidates and a 500k compound CNS-focused small molecule library. It acquired the assets when it bought Elan Corp. in December 2013.
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  • Aug. 29, 2014, 9:05 AM
    • People familiar with the situation say that the Belgian OTC drug maker Omega Pharma NV has attracted interest from a number of pharmaceutical companies including Perrigo (NYSE:PRGO), Boehringer Ingelheim, Bayer (OTCPK:BAYZF) (OTCPK:BAYRY) and Sanofi (NYSE:SNY) (OTCQB:SNYNF).
    • The tab for acquiring the business could be as high as 4B euros ($5.3B).
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  • Jul. 21, 2014, 7:15 AM
    • Bloomberg reports that, according to analysts, there are three ex-U.S. medical firms that should be high on the target acquisition list for tax inversion deals. Ireland-based Perrigo (NYSE:PRGO), Switzerland-based Actelion and U.K.-based Smith & Nephew Plc (NYSE:SNN) (OTCQB:SNNUF) are all attractive targets. Observers believe there will be more acquisitions consummated before Congress puts limits on the maneuvers.
    • Stryker (NYSE:SYK) has been mentioned as a potential suitor for Smith& Nephew. Pfizer (NYSE:PFE) may make another run at AstraZeneca (NYSE:AZN) after the end of the cool-off period.
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  • Nov. 18, 2013, 7:11 AM
    • Elan's (ELN) shareholders have authorized the $8.6B sale of the company to Perrigo (PRGO), clearing the way for the firms to complete the transaction by the end of 2013.
    • Perrigo will gain an Irish HQ, and so will enjoy lower taxes, as well as royalties from blockbuster multiple sclerosis drug Tysabri.
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  • Aug. 5, 2013, 1:00 PM
    • Perrigo's (PRGO) recent deal for Elan has investors all jazzed up about Irish-domiciled healthcare companies.
    • The allure of a 12.5% corporate tax rate could mean more M&A activity in the not-so-distant future for "anything with an Irish corporate tax structure," one analyst tells Bloomberg.
    • Some of the names being tossed about: Jazz Pharmaceuticals (JAZZ +3.2%) and Alkermes (ALKS +3.8%).
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  • Jul. 30, 2013, 1:42 PM
    • The sell-side likes Perrigo's (PRGO +0.5%) acquisition of Elan.
    • Deutsche upgrades the shares to Buy from Hold (PT to $150 from $120), saying the deal "makes sense for a number of reasons," and noting that $125 "looks like an attractive entry point."
    • Goldman ups the stock to Neutral from Sell (PT to $132 from $122) as Jami Rubin says the acquisition "provides PRGO a more flexible financial structure ... to drive enhanced ROIC from future deal activity."
    • Stifel raises its price target to $145 from $125 and BofA upgrades the shares to Neutral (PT to $133 from $116) citing "significant tax (and operational) synergies."
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  • Jul. 29, 2013, 3:37 AM
    • The bid tops Royalty Pharma's rejected $8B offer for Elan (ELN) from earlier this year
    • Perrigo (PRGO) shareholders will receive one share of the new company for each share of Perrigo and $0.01/share in cash.
    • The U.S. company's shareholders will own 71% of the combined company and Elan investors 29%
    • The combined firm will be incorporated in Ireland, where the tax base is 12.5%. That should reduce Perrigo's tax costs to the high teens from 30%.
    • Perrigo expects savings of $150M a year, including from the lower tax rate.
    • Perrigo to receive Elan's $1.9B in cash and royalties from sales of the Tysabri multiple sclerosis drug
    • Perrigo will fund the deal using $4.35B in bridge financing from Barclays and HSBC plus cash. (previous)
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  • Jul. 29, 2013, 2:31 AM
    • Perrigo (PRGO) to pay $6.25 a share in cash and 0.07636 shares of new Perrigo for each Elan (ELN) share, valuing the latter at $16.50, or a 10.5% premium to its closing price of $14.93 on Friday. (PR)
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  • Jul. 28, 2013, 3:56 PM
    • Elan (ELNmay announce a sale of the company as early as Monday.
    • Perrigo (PRGO) is the frontrunner, Bloomberg says, citing the ubiquitous "people familiar with the matter," although no final decision has been made.
    • Allergan (AGN) and Mylan (MYL) are listed as other possible suitors.
    • Previous reports suggested AGN and Forest Labs (FRX) were interested, but MYL and Endo Health (ENDP) were not.
    • Luck of the Irish: A U.S.-based acquirer could "re-domicile itself in Ireland, where the rate of corporate income tax is 12.5%."
  • Feb. 1, 2013, 11:08 AM
    Perrigo (PRGO +5.3%) trades higher after its FQ2 results easily beat estimates this morning. Net earnings rose 6.2% Y/Y as the store-brand pharmaceutical and nutritional-products maker recorded strong revenue growth from its consumer health-care business, although margins narrowed on higher costs. The company also says it's bought pet-health company Velcera for $160M in an all-cash deal it's billed as a "natural extension" to its Sergeant's pet care product line.
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  • Dec. 28, 2012, 3:18 PM
    Perrigo Company (PRGO -0.8%) says it's acquired the remaining stake of privately held Cobrek Pharmaceuticals, in a deal worth approximately $45 million on a cash-free and debt-free basis. PRGO has had a collaborative agreement with the company since 2008, after buying an 18% interest to develop and market Cobrek's foam dosage form generic pharmaceutical products.
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  • Sep. 13, 2012, 7:58 AM
    Perrigo (PRGO) buys Sergeant's Pet Care Products for $285M in an acquisition slated to close in FQ2. In addition to adding depth in key pet categories, the deal also gives the company a significant tax benefit.
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Company Description
Perrigo Co PLC develops, manufactures and distributes over-the-counter and generic prescription pharmaceuticals, nutritional products and active pharmaceutical ingredients.