Michigan Technology News, the online source for Michigan's technology business

Tuesday, September 22, 2009 Perrigo Buys Acne Gel From KV Pharmaceutical For $16 Million
ALLEGAN - Perrigo Company announced that it has purchased a topical gel for inflammatory acne treatment from KV Pharmaceutical for up to $16 Million in cash. The product is called ANDA for clindamycin phosphate (1 percent) and benzoyl peroxide (5 percent). This product is the AB-rated equivalent to Stiefel Laboratories' (a subsidiary of Glaxo SmithKline) Duac gel. KV Pharmaceutical received $14 million in cash at closing and a $2 million milestone payment upon the completion of a successful technical transfer. Annual sales for the brand were approximately $165 million according to Wolters Kluwer data. "This acquisition is another example of Perrigo's commitment to make the investments to build our product portfolio and deliver quality affordable healthcare products, as well as solidify our leadership position in the generic topical space," said Perrigo's Chairman and CEO Joseph C. Papa. Perrigo Company is a leading global healthcare supplier that develops, manufactures and distributes OTC and generic prescription pharmaceuticals, nutritional products, active pharmaceutical ingredients (API) and consumer products. The Company is the world's largest manufacturer of OTC pharmaceutical products for the store brand market. The Company's primary markets and locations of manufacturing and logistics operations are the United States, Israel, Mexico and the United Kingdom. For more information, click on Perrigo.Com
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