Perrigo furthers Rx ”extended topicals” strategy with the acquisition of leading gastrointestinal product Entocort

Attractive financial profile highlighted by expected 2016 net sales of greater than $90 million.

Perrigo Chairman and CEO Joseph C. Papa commented: "We are extremely excited to acquire Entocort from a world-class organization such as AstraZeneca, which provided patients with access to this important medication. Strategically, Entocort fits well within our growing Rx portfolio and serves as yet another example of our ability to execute on our 'Base Plus Plus Plus' strategy. We are excited to add this margin-enhancing asset to our already robust Rx portfolio and remain committed to pursuing accretive transactions, such as this one, to continue delivering superior value for our shareholders."

Luke Miels, Executive Vice President, Global Product and Portfolio Strategy, Global Medical Affairs and Corporate Affairs, AstraZeneca, said: "Our agreement with Perrigo completes the global divestment of Entocort, emphasizing our strategic focus on three main therapy areas and providing further supply chain simplification. We are pleased to be working with Perrigo to ensure patients with Crohn's disease in the US continue to benefit from this important medicine."

The transaction is expected to immediately exceed Perrigo's ROIC threshold and be more than $0.35 accretive to 2016 adjusted EPS after the exclusion of estimates for intangible amortization, transaction costs and integration related expenses. The transaction is expected to close by the end of 2015, subject to customary closing conditions.