Perrigo Acquires Pet Care Company Velcera For $160m
Generic drug maker Perrigo announced today that it has bought privately held pet care brand Velcera in a deal worth $160 million.
The acquisition is the second in the animal healthcare market made by Perrigo in the past four months as it seeks to bring its successful over-the-counter model to pet care. Perrigo entered the animal healthcare market in September 2012 when it bought Sergeant’s Pet Care Products for $285 million.
Perrigo, the world's largest manufacturer of over-the-counter drugs for the private label market, saw its shares rise by as much as seven percent in morning trading on the Nasdaq.
The deal comes just after Pfizer's animal health subsidiary Zoetis, raised a massive $2.2 billion during its IPO on Thursday.
Source: Reuters