Perrigo
Encyclopedia
Perrigo Company is the largest manufacturer of private label over-the-counter
pharmaceuticals in the United States. The company’s shares are traded on the NASDAQ
and the Tel Aviv Stock Exchange
; as a result of the merger with Agis Industries the company is a constituent of the TA-25 Index.
Perrigo Company, through its wholly owned subsidiaries, engages in the manufacture and sale of consumer healthcare products, generic prescription drugs, active pharmaceutical ingredients (API), and consumer products primarily in the United States
, Australia
, Israel
, Europe
, India
and Mexico
.
, by Luther and Charles Perrigo. The Perrigo brothers had moved to Allegan County, Michigan, a few years earlier from New York. Once in Michigan the brothers established a modest business. Luther Perrigo ran a country general store and apple drying business, while Charles helped with sales. Luther decided to package generic home remedies and sell them to other small country stores like his own. The first packaging plant for these medicines was run out of Charles Perrigo's home, but Charles soon moved to Ohio, leaving the business entirely to his brother. Luther became president of the firm when it incorporated in 1892. Perrigo remained a family-owned business for 90 years. Five of the company's seven presidents were descendants of Luther Perrigo, who died in 1902. His son Harry became president at that time, holding the position for the next 49 years.
In 1991 Perrigo had an Initial public offering
on NASDAQ
.
, and Mexico. This segment offers analgesic
, cough/cold/allergy/sinus, gastrointestinal, smoking cessation
, first aid
, antacids, hemorrhoidal remedies, motion sickness, sleep aid products, feminine hygiene products, vitamin, and nutritional supplement products.
The Rx Pharmaceuticals segment engages in the development, manufacture, and sale of generic prescription drug products in the United States. This segment provides creams, ointments, lotions, gels, and solutions, as well as nasal sprays, foams, and transdermal
devices.
The Active Pharmaceutical Ingredients segment supports the development and manufacturing of API products in Israel
with sales to customers worldwide. The company also offers cosmetics, toiletries, detergents, manufactured and imported pharmaceutical products, and medical diagnostic products. The company’s customers include national and regional retail drug, supermarket, wholesalers, and mass merchandise chains.
In 2010 Perrigo was named one of the top 100 Fastest-Growing Companies by Fortune Magazine..
Over-the-counter drug
Over-the-counter drugs are medicines that may be sold directly to a consumer without a prescription from a healthcare professional, as compared to prescription drugs, which may be sold only to consumers possessing a valid prescription...
pharmaceuticals in the United States. The company’s shares are traded on the NASDAQ
NASDAQ
The NASDAQ Stock Market, also known as the NASDAQ, is an American stock exchange. "NASDAQ" originally stood for "National Association of Securities Dealers Automated Quotations". It is the second-largest stock exchange by market capitalization in the world, after the New York Stock Exchange. As of...
and the Tel Aviv Stock Exchange
Tel Aviv Stock Exchange
The Tel Aviv Stock Exchange in Tel Aviv is Israel's only stock exchange.The TASE is the only public market for trading securities in Israel. It plays a major role in the Israeli economy....
; as a result of the merger with Agis Industries the company is a constituent of the TA-25 Index.
Perrigo Company, through its wholly owned subsidiaries, engages in the manufacture and sale of consumer healthcare products, generic prescription drugs, active pharmaceutical ingredients (API), and consumer products primarily in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
, Israel
Israel
The State of Israel is a parliamentary republic located in the Middle East, along the eastern shore of the Mediterranean Sea...
, Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
, India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
and Mexico
Mexico
The United Mexican States , commonly known as Mexico , is a federal constitutional republic in North America. It is bordered on the north by the United States; on the south and west by the Pacific Ocean; on the southeast by Guatemala, Belize, and the Caribbean Sea; and on the east by the Gulf of...
.
Early Years
The L. Perrigo Company was founded in 1887 in Allegan, MichiganAllegan, Michigan
Allegan is a city in the U.S. state of Michigan. As of the 2000 census, the city population was 4,838. It is the county seat of Allegan County. The city lies within Allegan Township, but is administratively autonomous....
, by Luther and Charles Perrigo. The Perrigo brothers had moved to Allegan County, Michigan, a few years earlier from New York. Once in Michigan the brothers established a modest business. Luther Perrigo ran a country general store and apple drying business, while Charles helped with sales. Luther decided to package generic home remedies and sell them to other small country stores like his own. The first packaging plant for these medicines was run out of Charles Perrigo's home, but Charles soon moved to Ohio, leaving the business entirely to his brother. Luther became president of the firm when it incorporated in 1892. Perrigo remained a family-owned business for 90 years. Five of the company's seven presidents were descendants of Luther Perrigo, who died in 1902. His son Harry became president at that time, holding the position for the next 49 years.
In 1991 Perrigo had an Initial public offering
Initial public offering
An initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...
on NASDAQ
NASDAQ
The NASDAQ Stock Market, also known as the NASDAQ, is an American stock exchange. "NASDAQ" originally stood for "National Association of Securities Dealers Automated Quotations". It is the second-largest stock exchange by market capitalization in the world, after the New York Stock Exchange. As of...
.
Merger with Agis Industries
In March 2005 Perrigo merged with Agis Industries Ltd. (TASE:AGIS), an Israel based generic pharmaceuticals company in an $850 million transaction. Agis Industries was founded in 1983 by Moshe (Mori) Arkin who, following his father’s early death took over his small drug import business at the age of 19 years and grow it into a multinational generic pharmaceutical company. As a result of the merger Arkin owns 9% of Perrigo, he was also appointed as Vice Chairman of the company.Acquisitions
- On 9 January 2008, the Perrigo Company acquired Galpharm Healthcare, Ltd.Galpharm InternationalGalpharm International Ltd, who trade as Galpharm Healthcare, are the UK's biggest supplier of non-prescription medicine. The company is based in Dodworth, Barnsley, England and sponsor the Galpharm Stadium in nearby Huddersfield. In January 2008, the company was acquired by The Perrigo Group for...
for approximately $86 million in a cash transaction. Based in Barnsley, Yorkshire, United Kingdom, privately-held Galpharm is a leading supplier of over-the-counter store brand pharmaceuticals sold in the United KingdomUnited KingdomThe United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
. The acquisition is expected to add approximately $55 million in sales annually.
- On 16 September 2008, the Perrigo Company acquired J.B. Laboratories for approximately $44 million in a cash transaction. The acquisition is expected to add $70 million in sales annually for the Perrigo Company.
- On 6 October 2008, the Perrigo Company acquired Laboratorios Diba S.A. for approximately $25 million in a cash transaction. The acquisition is expected to add $15 million yearly in sales for the Perrigo Company. The acquisition will also provide the company availability to market 150 formulas and 50 trademarks in the Mexican market.
- On 13 November 2008, the Perrigo Company acquired Unico Holdings for approximately $49 million in cash. Based in Lake Worth, Florida, privately-held Unico is the leading manufacturer of store brand pediatric electrolytes, enemas and feminine hygiene products for retail consumers in the U.S. The acquisition is expected to add nearly $50 million to annual sales.
- On 1 March 2010, the Perrigo Company acquired Orion Laboratories Pty, Ltd. for approximately $48 million in cash. Based in Perth, Western Australia, privately-held Orion is a leading supplier of over-the-counter (OTC) store brand pharmaceutical products in Australia and New Zealand. In addition, the company manufactures and distributes pharmaceutical products supplied to hospitals in Australia. The acquisition is expected to add more than $30 million in sales annually and be accretive to earnings in the first year.
- On 23 March 2010, the Perrigo Company acquired PBM Holdings, Inc. for approximately $808 million in cash. Based in Gordonsville, Virginia, privately-held PBM manufactures and distributes over-the-counter (OTC) store brand infant formula and baby foods sold by leading retailers in the mass, club, grocery and drug channels in the United States, Canada, Mexico and China. The transaction is expected to add approximately $300 million in annual sales. Approximately 20% of these sales are international, as PBM has placed increasing focus on the growing demand for quality infant nutrition products outside of the US.
- On 20 January 2011, the Perrigo Company acquired Paddock Laboratories Inc. for approximately $540 million in cash. The transaction is expected to add more than $200 million in annual sales with over 35 products and a strong product pipeline with more than 25 ANDAs pending approval with the U.S. Food and Drug Administration. Perrigo expects the deal to close in fiscal 2012.
Segments
The company operates in three segments; Consumer Healthcare, Rx Pharmaceuticals, and Active Pharmaceutical Ingredients. The Consumer Healthcare segment offers over-the-counter pharmaceutical and nutritional products in the United States, the United KingdomUnited Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
, and Mexico. This segment offers analgesic
Analgesic
An analgesic is any member of the group of drugs used to relieve pain . The word analgesic derives from Greek an- and algos ....
, cough/cold/allergy/sinus, gastrointestinal, smoking cessation
Smoking cessation
Smoking cessation is the process of discontinuing the practice of inhaling a smoked substance. This article focuses exclusively on cessation of tobacco smoking; however, the methods described may apply to cessation of smoking other substances that can be difficult to stop using due to the...
, first aid
First aid
First aid is the provision of initial care for an illness or injury. It is usually performed by non-expert, but trained personnel to a sick or injured person until definitive medical treatment can be accessed. Certain self-limiting illnesses or minor injuries may not require further medical care...
, antacids, hemorrhoidal remedies, motion sickness, sleep aid products, feminine hygiene products, vitamin, and nutritional supplement products.
The Rx Pharmaceuticals segment engages in the development, manufacture, and sale of generic prescription drug products in the United States. This segment provides creams, ointments, lotions, gels, and solutions, as well as nasal sprays, foams, and transdermal
Transdermal
Transdermal is a route of administration wherein active ingredients are delivered across the skin for systemic distribution. Examples include transdermal patches used for medicine delivery, and transdermal implants used for medical or aesthetic purposes....
devices.
The Active Pharmaceutical Ingredients segment supports the development and manufacturing of API products in Israel
Israel
The State of Israel is a parliamentary republic located in the Middle East, along the eastern shore of the Mediterranean Sea...
with sales to customers worldwide. The company also offers cosmetics, toiletries, detergents, manufactured and imported pharmaceutical products, and medical diagnostic products. The company’s customers include national and regional retail drug, supermarket, wholesalers, and mass merchandise chains.
Management
Key executives include David T. Gibbons (Executive Chairman), Joseph C. Papa (Chief Executive Officer and President) and Moshe Arkin (Vice Chairman, Vice Chairman of Perrigo Global Generics, Vice Chairman of API, General Manager of Perrigo Global Generics, and General Manager of API).Awards
101 Best and Brightest Companies to Work For of West Michigan awarded Perrigo overall “Best of the Best” for 2009.In 2010 Perrigo was named one of the top 100 Fastest-Growing Companies by Fortune Magazine..