ALLEGAN, Mich. — Perrigo Co. has finalized its deal to acquire PBM Holdings Inc., the world’s largest manufacturer of store-brand infant formula.
Perrigo Co. has finalized its deal to acquire PBM Holdings Inc., the world’s largest manufacturer of store-brand infant formula.
Under the agreement, Perrigo acquired all PBM shares for $808 million in cash.
Perrigo said when the deal was announced in late March that the transaction is expected to add about $300 million in annual sales with more than 370 SKUs. According to the company, store brand penetration in this category is, on average, lower than Perrigo’s other over-the-counter categories.
PBM, based in Gordonsville, Va., manufactures and distributes OTC store-brand infant formula and baby food sold by retail supermarkets and pharmacies in the United States, Canada, Mexico and China.
The world’s largest manufacturer of OTC pharmaceutical products for the store brand market, Perrigo develops, manufactures and distributes OTC and generic prescription pharmaceuticals, nutritional products, active pharmaceutical ingredients and consumer products.