Perrigo Company Acquires Cobrek Pharmaceuticals, Inc.

Perrigo Company signed a definitive merger agreement and completed the acquisition of Cobrek Pharmaceuticals, Inc. for approximately $45 million on a cash-free and debt-free basis. The merge concludes a four-year collaborative partnership responsible for the successful launches of generic versions of Evoclin (clindamycin phosphate) Foam 1% and Extina (ketoconazole) Foam 2%. In May 2008, Perrigo acquired an 18.5 percent minority stake in Cobrek in conjunction with entering into a product development collaborative partnership agreement with the company focused on foam dosage form generic pharmaceutical products. The merge precedes Perrigo's expected fiscal year 2013 commercial launches of current FDA-approved generic versions of Luxiq (betamethasone valerate) Foam and Olux-E (clobetasol propionate) Foam 0.05%. As part of the transaction, Cobrek will forgo any profit share payments earned during Perrigo's fiscal second quarter 2013.