Wednesday, March 4, 2015

Name-brand flea-fighter buys generic Yardley rival for $160M

Perrigo pays 2.7x revenues for PetArmor maker Velcera

Name-brand flea-fighter buys generic Yardley rival for $160M

Perrigo Co., the Michigan-based animal pharma company which recently acquired Sergeant's Pet Care,, says it has agreed to pay $160 million to buy Yardley-based generic over-the-counter pet drugmaker Velcera Inc., which markets PetArmor flea and tick products.

The price is a rich 2.7x Velcera's $60 million in sales last year, which typically implies rapid growth, or a desire to forestall potential competitors.

"Velcera's product mix represents a natural extension to the Sergeant's portfolio we acquired last October," Perrigo boss Joseph Papa said in a statement. Velcera raised $33 million in a 2007 stock sale. It has been trading, like its products, over-the-counter.

Joseph N. DiStefano
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PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

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