Perrigo acquires remaining stake in Cobrek Pharmaceuticals for approximately $45 million

In May 2008, Perrigo acquired an 18.5-percent minority stake in Cobrek in conjunction with entering into a product development collaborative partnership agreement with the company focused on foam dosage form generic pharmaceutical products

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ALLEGAN, Mich.—Perrigo Co. announcedDec. 28 that it had signed a definitive merger agreement and had completedthe acquisition of Cobrek Pharmaceuticals Inc., aprivately-held, Chicago-based drug development company, forapproximately $45 million on a cash-free and debt-free basis.

In May 2008, Perrigo acquired an 18.5-percentminority stake in Cobrek in conjunction with entering into a productdevelopment collaborative partnership agreement with the companyfocused on foam dosage form generic pharmaceutical products.
To date,the partnership has successfully yielded two commercializedfoam-based products and two additional U.S. Food and DrugAdministration (FDA) approved foam-based products awaiting datecertain launches in Perrigo's fiscal year 2013. Cobrek primarilyderives its earnings stream from profit shares on products partneredwith Perrigo, who is responsible for all commercial activities underthe existing collaboration agreement. As part of the transaction,Cobrek will forgo any profit share payments earned during Perrigo'sfiscal second quarter 2013.

"We continue to market the only genericfoam products in the U.S. and expect to launch two additionalproducts generic versions of Luxiq (betamethasone valerate) Foamand Olux-E (clobetasol propionate) Foam 0.05% during this fiscalyear, which is a testament to the challenges of this dosage form andsuccess of our partnership with Cobrek," said Joseph C. Papa, Perrigo's chairman, president and CEO. "The partnership also boastsan additional Abbreviated New Drug Application (ANDA) on file for apromising topical generic product. This acquisition allows us tocapture the full economics going forward on our portfolio ofprescription foams as well as maintain control over futuredevelopment activities in this important category of extended topicalproducts. Acquiring the remaining stake of Cobrek not already ownedis the logical next step in this relationship and will allow us tocontinue to bring quality, affordable healthcare to our consumers andcustomers."

SOURCE: Perrigo Co. news release

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