Perrigo is expanding its reach into Europe through a $3.1 billion acquisition of one of the continent's biggest suppliers of non-prescription medicines.
Perrigo Co. Plc said Thursday that it will pay a combination of cash and stock to acquire Belgium's Omega Pharma NV. The deal is worth about 3.58 billion euros, or $4.48 billion, when counting debt.
Perrigo said the deal accelerates its international growth and diversifies its business. Omega's portfolio includes about 2,000 products, including many cough and cold, skincare and pain relief treatments. It has a commercial presence in 35 countries, and it brought in about $1.6 billion in revenue during the 12-month period that ended Sept. 30.
Perrigo also makes non-prescription or over-the-counter medications. It moved its headquarters to Dublin from Michigan after agreeing last year to buy Irish drugmaker Elan for $8.6 billion.
U.S.-traded shares of Perrigo fell $1.49 to $157.01 Thursday before markets opened. The stock has climbed about 3.3 percent so far this year.