Perrigo Company Acquires Remaining Stake In Cobrek Pharmaceuticals, Inc. For Approximately $45 Million

 Perrigo Company Acquires Remaining Stake In Cobrek Pharmaceuticals, Inc. For
                          Approximately $45 Million

-- Solidifies Perrigo's leadership position in topical foam-based generic
prescription pharmaceuticals

-- Concludes 4+ year collaborative partnership responsible for successful
launches of generic versions of Evoclin® (clindamycin phosphate) Foam 1% and
Extina® (ketoconazole) Foam 2%

-- Precedes Perrigo's expected fiscal year 2013 commercial launches of current
FDA approved generic versions of Luxiq® (betamethasone valerate) Foam and
Olux-E® (clobetasol propionate) Foam 0.05%

-- All cash transaction with a purchase price of approximately $45 million on
a cash free and debt free basis to acquire 81.5% stake of Cobrek not currently
owned by Perrigo

-- Acquisition and consolidation is anticipated to be approximately $0.01
accretive to GAAP and $0.04 accretive to adjusted EPS in fiscal year 2013 and
immediately accretive to ROIC hurdles

PR Newswire

ALLEGAN, Mich., Dec. 28, 2012

ALLEGAN, Mich., Dec. 28, 2012 /PRNewswire/ -- Perrigo Company (Nasdaq: PRGO;
TASE) today announced that it has signed a definitive merger agreement and has
completed the acquisition of Cobrek Pharmaceuticals, Inc. (Cobrek), a
privately-held, Chicago, Illinois-based drug development company, for
approximately $45 million on a cash free and debt free basis.

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In May 2008, Perrigo acquired an 18.5% minority stake in Cobrek in conjunction
with entering into a product development collaborative partnership agreement
with the company focused on foam dosage form generic pharmaceutical products.
To date, the partnership has successfully yielded two commercialized
foam-based products and an additional two Food and Drug Administration (FDA)
approved foam-based products awaiting date certain launches in Perrigo's
fiscal year 2013. Cobrek primarily derives its earnings stream from profit
shares on products partnered with Perrigo, who is responsible for all
commercial activities under the existing collaboration agreement. As part of
the transaction, Cobrek will forgo any profit share payments earned during
Perrigo's fiscal second quarter 2013.

Perrigo Chairman, President and CEO Joseph C. Papa stated, "We continue to
market the only generic foam products in the U.S. and expect to launch two
additional products – generic versions of Luxiq® (betamethasone valerate) Foam
and Olux-E® (clobetasol propionate) Foam 0.05% – during this fiscal year,
which is a testament to the challenges of this dosage form and success of our
partnership with Cobrek. The partnership also boasts an additional Abbreviated
New Drug Application (ANDA) on file for a promising topical generic product.
This acquisition allows us to capture the full economics going forward on our
portfolio of prescription foams as well as maintain control over future
development activities in this important category of extended topical
products. Acquiring the remaining stake of Cobrek not already owned is the
logical next step in this relationship and will allow us to continue to bring
quality, affordable healthcare to our consumers and customers."

From its beginnings as a packager of generic home remedies in 1887, Allegan,
Michigan-based Perrigo Company has grown to become a leading global provider
of quality, affordable healthcare products. Perrigo develops, manufactures and
distributes over-the-counter (OTC) and generic prescription (Rx)
pharmaceuticals, infant formulas, nutritional products, dietary supplements
and active pharmaceutical ingredients (API). The Company is the world's
largest manufacturer of OTC pharmaceutical products for the store brand
market. The Company's primary markets and locations of logistics operations
have evolved over the years to include the United States, Israel, Mexico, the
United Kingdom, India, China and Australia. Visit Perrigo on the Internet

Note: Certain statements in this press release are forward-looking statements
within the meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and are subject to the safe harbor created thereby. These statements
relate to future events or the Company's future financial performance and
involve known and unknown risks, uncertainties and other factors that may
cause the actual results, levels of activity, performance or achievements of
the Company or its industry to be materially different from those expressed or
implied by any forward-looking statements. In some cases, forward-looking
statements can be identified by terminology such as "may," "will," "could,"
"would," "should," "expect," "plan," "anticipate," "intend," "believe,"
"estimate," "predict," "potential" or other comparable terminology. The
Company has based these forward-looking statements on its current
expectations, assumptions, estimates and projections. While the Company
believes these expectations, assumptions, estimates and projections are
reasonable, such forward-looking statements are only predictions and involve
known and unknown risks and uncertainties, many of which are beyond the
Company's control. These and other important factors, including those
discussed under "Risk Factors" in the Company's Form 10-K for the year ended
June 30, 2012, as well as the Company's subsequent filings with the Securities
and Exchange Commission, may cause actual results, performance or achievements
to differ materially from those expressed or implied by these forward-looking
statements. The forward-looking statements in this press release are made only
as of the date hereof, and unless otherwise required by applicable securities
laws, the Company disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new information, future
events or otherwise.

SOURCE Perrigo Company

Contact: Arthur J. Shannon, Vice President, Investor Relations and
Communication, +1-269-686-1709,, Bradley Joseph, Senior
Manager, Investor Relations and Communication, +1-269-686-3373,
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