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ALLEGAN, Mich. — Generic drug maker Perrigo has closed its purchase of Paddock Labs, the company said Tuesday.
Perrigo acquired privately owned Paddock, a manufacturer of generic prescription and over-the-counter drugs based in Minneapolis, for $540 million.
“We are very pleased to welcome the Paddock team to the Perrigo family,” Perrigo chairman and CEO Joseph Papa said. “This acquisition is another important step forward in executing Perrigo’s strategy to expand our specialty portfolio of generic Rx products.”
As part of the purchase, the Federal Trade Commission is requiring Perrigo to divest a small handful of Paddock’s drugs, which it will sell to Watson Pharmaceuticals. The drugs include promethazine hydrochloride suppositories, ciclopirox shampoo and two ammonium lactate medications.