Perrigo has signed and completed a definitive merger agreement, acquiring the remaining stake in Cobrek Pharmaceuticals, Inc., a privately-held drug development company, for approximately $45 million on a cash free and debt free basis.
In May 2008, Perrigo acquired an 18.5% minority stake in Cobrek and entered a product development collaboration focused on foam dosage form generic pharmaceutical products. The partnership has successfully yielded two commercialized foam-based products and two FDA approved foam-based products to be launched in Perrigo's fiscal year 2013. Cobrek earns revenues from a profit sharing agreement on partnered products and Perrigo is responsible for all commercial activities under the existing collaboration.
Perrigo chairman, president and chief executive officer, Joseph C. Papa said, "We continue to market the only generic foam products in the U.S. and expect to launch two additional products – generic versions of Luxiq (betamethasone valerate) Foam and Olux-E (clobetasol propionate) Foam 0.05% – during this fiscal year, which is a testament to the challenges of this dosage form and success of our partnership with Cobrek. Acquiring the remaining stake of Cobrek not already owned is the logical next step in this relationship and will allow us to continue to bring quality, affordable healthcare to our consumers and customers."