Perrigo to buy Paddock for $540 million

ALLEGAN, Mich. — Perrigo will buy Paddock Labs for more than half a billion dollars, Perrigo said Thursday.

Perrigo, an Allegan, Mich.-based company that makes generic prescription and over-the-counter drugs, including private-label products, announced that it would buy Minneapolis-based Paddock for $540 million in cash.

“This acquisition is an important step forward in executing on our strategy to expand our specialty portfolio of generic prescription drug products,” Perrigo chairman and CEO Joseph Papa said. “It adds incremental scale, as well as excellent development and manufacturing capabilities across a spectrum of niche dosage forms.”