Perrigo Company (Nasdaq: PRGO; TASE) today announced that it has signed a definitive agreement to acquire substantially all of the assets of CanAm Care, a privately-held, Alpharetta, Georgia-based distributor of diabetes care products for approximately $36 million in cash. The acquisition is expected to be immediately accretive to adjusted earnings per share.
The assets acquired from CanAm Care include: Dex4® hypoglycemia products (tabs, liquids and gels), insulin delivery syringes and pen needles, lancing, wound care, and compression stockings. These store brand products will compete in a U.S. diabetes healthcare market opportunity estimated at over $1.5 billion in annual sales.
Perrigo Chairman and CEO Joseph C. Papa stated, "This acquisition, alongside the store brand glucose monitoring meters and strips powered by ONsync™ launched in 2011 with AgaMatrix, showcases our continued commitment to providing a comprehensive line of quality, affordable healthcare to the growing diabetes community."
Added Mr. Papa, "The Center for Disease Control estimates that one in three Americans will develop diabetes in their lifetime. Given the strong patient demand for high quality and value in the overall diabetes care market, we are very pleased to have completed this deal with CanAm Care. Perrigo will be the only full-line store brand supplier to our retail customers in the over-the-counter diabetes care market with this combined portfolio."
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