Perrigo at Record in Tel Aviv on M&A Outlook Amid Tax Rate

Perrigo Co., the largest maker of generic over-the-counter medicines in the U.S., climbed to a record on prospects the company will push for more acquisitions after the purchase of Elan Corp. reduced its tax rate.

Shares of Perrigo, which joined Israel’s benchmark TA-25 Index after purchasing B’nei Brak, Israel-based Agis Industries Ltd. in 2005, gained 2.3 percent to 565 shekels, or $162.19, at the close in Tel Aviv. The gauge advanced 0.5 percent. The company’s New York-traded stock advanced to $161.70 last week, the highest level since its 1991 debut.