Perrigo Buys Israeli Drug Company

Perrigo Buys Israeli Drug Company

ALLEGAN, Mich.Over-the-counter(OTC) pharmaceutical and nutritional products manufacturer Perrigo Co.(NASDAQ:PRGO) purchased Agis Industries, the second-largest pharmaceuticalmanufacturer in Israel. Perrigo bought a controlling interest in Agis from itschairman, Mori Arkan, for $400 million and became the first foreign company tolist on the Tel Aviv Stock Exchange. Agis operates in Israel, Germany and theUnited States, and posted net sales of $376 million and earnings of $31.3million in fiscal 2003. The acquisition will have a greater effect on Perrigosdrug business than on its private label nutritional products business.