Perrigo Company has purchased the Mexican operations of Durham, North Carolina-based Patheon for $34 million in cash, according to a press release.
Perrigo chairman, president and CEO Joseph C. Papa said, "We are pleased to announce this transaction and are excited by the many important benefits it provides to the company. Perrigo has long desired to be a prime manufacturer of softgel products, and we believe the acquisition of Patheon's Mexican operations serves as an ideal entry point into the space. Additionally, and importantly, we believe Perrigo is uniquely positioned to maximize the potential of the business by leveraging our own Mexican operations to drive growth and value for our customers and shareholders."
The acquisition is expected to be immediately accretive to calendar 2015 adjusted EPS after the exclusion of estimates for intangible amortization and transaction-related costs, the release said.