Perrigo acquires remaining stake in Cobrek Pharmaceuticals
ALLEGAN, Mich. — Solidifying Perrigo’s leadership position in topical foam-based generic prescription pharmaceuticals, the company announced it has signed a definitive merger agreement and completed the acquisition of Cobrek Pharmaceuticals, a privately-held, Chicago-based drug development company, for approximately $45 million.
In 2008, Perrigo acquired a minority 18.5% stake in Cobrek as part of a product development partnership agreement focusing on foam dosage form generic pharmaceutical products. The partnership was responsible for the successful launches of Evoclin (i.e., clindamycin phosphate) Foam 1% and Extina (i.e., ketoconazole) Foam 2%. This newest agreement gives Perrigo an 81.5% share of Cobrek on a cash- and debt-free basis.
The sale precedes Perrigo’s expected fiscal year 2013 commercial launches of FDA-approved generic versions of Luxiq (i.e., betamethasone valerate) Foam and Olux-E (i.e., clobetasol propionate) Foam 0.5%.