Perrigo (PRGO) to Acquire Ophthalmic Assets from Fera Pharma

Perrigo Company (NYSE: PRGO; TASE) announced that it has signed a definitive agreement to acquire and has completed the acquisition of an ophthalmic sterile ointment and solution product portfolio from Fera Pharmaceuticals, LLC and its affiliates (Fera), a privately-held, Long Island, New York-based specialty pharmaceutical company. The acquired portfolio, including nine prescription ANDA products, generated more than $30 million in net revenues during calendar year 2012. Terms of the transaction include an upfront cash payment of approximately $93 million along with potential contingent payments totaling approximately $36 million, certain of which relate to Perrigo securing additional product rights from Fera. Additionally, Perrigo expects to receive a tax benefit as a result of the acquisition, the net present value of which is estimated to be approximately $20 million.

This acquisition is expected to be more than $0.12 accretive to adjusted EPS for fiscal 2014 and more than $0.04 accretive to GAAP EPS after the inclusion of estimates for intangible amortization, transaction and integration related expenses.

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