US drug firm Perrigo buys UK’s Rosemont Pharma for $283m

City A.M. Reporter
PERRIGO, a US manufacturer of generic and over-the-counter drugs, said yesterday it has bought UK-based Rosemont Pharmaceuticals for about $283m (£181m) in cash to gain access to Rosemont’s oral liquid formulations business.

The deal is expected to add eight cents to Perrigo’s adjusted earnings per share for the remainder of fiscal 2013, Perrigo said in a statement.

Perrigo had earlier forecast adjusted earnings of $5.45 to $5.65 per share.

Leeds-based Rosemont manufactures and supplies over 150 liquid medicines for joint disease, infections and gastrointestinal disorders, aimed specifically at patients that have trouble swallowing tablets.

In 2006 Close Brothers Private Equity financed a £93m management buyout of the firm from US owner Savient Pharmaceuticals, but last year it appointed Rothschild to look for a buyer for Rosemont.

Perrigo said Rosemont, which had net sales of more than $60m in 2012, will become a part of its prescription drugs business.