Perrigo (NYSE: PRGO ) has a new business in its portfolio. The firm announced that it has closed the purchase of Velcera, a privately held enterprise that produces pet health goods. The price was roughly $160 million in cash.
The new acquisition specializes in what are essentially over-the-counter products for animals. Retail sales for Velcera's flagship PetArmor line topped $100 million in 2012. Perrigo said PetArmor will be augmented by a number of goods currently in development in the flea and tick and health and wellness categories.
Perrigo estimates that Velcera will be "slightly accretive" to adjusted EPS in fiscal 2013. In the following year, it expects the acquisition to be accretive by $0.11.