Navigate this market better. Subscribe for FREE stock alerts and information.

Thursday, November 6, 2014

Perrigo to purchase Belgium's Omega Pharma for $3.11 bln, (NYSE: PRGO)

Irish consumer healthcare company Perrigo Co Plc said it would acquire Belgium's Omega Pharma NV for 2.48 billion euros ($3.11 billion), excluding debt, to expand its over-the-counter products portfolio.Perrigo said it would also take on 1.1 million euros of debt from privately held Omega.Over-the-counter drugs offer lower margins than prescription drugs but demand for them is usually higher because they are cheaper.Omega sells prescription-free medicines, healthcare products and personal care items such as wart treatments and suntan lotions over the counter.

Shares of PRGO fell by 0.84% or $-1.35/share to $158.50. In the past year, the shares have traded as low as $125.37 and as high as $168.39. On average, 899603 shares of PRGO exchange hands on a given day and today's volume is recorded at 885671.