Generic drugmaker Perrigo Co (PRGO.O) (PRGO.TA) said it agreed to buy substantially all of the assets of privately held Paddock Laboratories Inc for $540 million in cash to expand its generic portfolio. Perrigo, which expects the transaction to close in the fourth quarter of 2011, expects the deal to add about 25 cents a share to its adjusted 2012 earnings and add more than $200 million in annual sales. Minneapolis-based Paddock manufactures and markets generic pharmaceutical products. Perrigo intends to fund the deal using about $80 million of cash on hand, $310 million available per the terms of its existing bank debt agreements and $150 million from a new term loan.
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