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Perrigo To Buy PBM Holdings

March 24, 2010 (FinancialWire) — Perrigo Co. (NASDAQ: PRGO) said it has signed a definitive merger agreement to acquire PBM Holdings, Inc., a store-brand infant formula manufacturer, for around $808 million in cash.

Virginia-based PBM is a privately-held firm that manufactures and distributes over-the-counter store brand infant formula and baby foods sold by retailers in the mass, club, grocery and drug channels in the United States, Canada, Mexico and China.

The acquisition is schduled to close in Perrigo’s fiscal 2010 fourth quarter pending regulatory approval.

Under the terms of the agreement, Perrigo will acquire 100% of the shares of PBM Holdings, Inc. for $808 million in cash. No PBM debt will be assumed in this transaction.

Perrigo plans to fund the transaction using around $175 million of cash on hand and $300 million available under the terms of its existing debt agreements. The company said it expects to raise the balance through one or more sources of new debt financing.

To this end, as of the signing of the definitive agreement, the company said it has received a bank bridge financing commitment for up to $350 million.

Michigan-based Perrigo is a healthcare supplier that develops, manufactures and distributes OTC and generic prescription pharmaceuticals, nutritional products, active pharmaceutical ingredients and consumer products. The company’s primary markets and locations of manufacturing and logistics operations are the United States, Israel, Mexico and the United Kingdom.

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