Perrigo Buys Pet Medication Co. for $160M
The target, Velcera, makes PetArmor flea and tick preventive medicine
Perrigo Co. (Nasdaq: PRGO) will acquire Velcera, a company that makes animal health products, for $160 million in cash.
Yardley, Pa.-based Velcera offers pet health products through its FidoPharm subsidiary, including PetArmor flea and tick preventive medicine, and other products.
Perrigo makes prescription and over-the-counter medication. In December, the company closed a deal for Cobrek Pharmaceuticals Inc. for $45 million. The company, headquartered in Allegan, Mich., develops Aller-Ease, Nicotine Gum and Clear Lax.
Morgan Lewis & Bockius LLP served as legal counsel to Perrigo on the deal.
In September, Bayer AG agreed to buy Teva Pharmaceutical Industries Ltd.'s (NYSE: TEVA)'s health business for $145 million.
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