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.