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Perrigo option to buy?

This article was originally published in The Tan Sheet

Executive Summary

OTC generic firm files a schedule Form 13D with the Securities & Exchange Commission regarding an option to buy Rx generic drug manufacturer Lannett Company, Perrigo announces Feb. 13. The Allegan, Mich.-based firm was granted "an irrevocable option to acquire 13,581,629 share of Lannett stock, representing approximately 67% of Lannett's outstanding common shares," release states; the option expires Aug. 6. If agreed upon, Perrigo will pay Lannett Chairman & CEO William Farber $197.8 mil. ($14.56 per share). Perrigo President & CEO David Gibbons said the potential purchase is in line with the firm's "previously announced strategy to enter the generic drug market"...

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