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ALLEGAN, Mich. — Perrigo Co. has entered an agreement to acquire CanAm Care, a distributor of diabetes care products.
Perrigo said Monday that the $36 million cash deal to buy Alpharetta, Ga.-based CanAm includes its Dex4 hypoglycemia products (tabs, liquids and gels), insulin delivery syringes and pen needles, lancing products, wound care and compression stockings.
The store-brand products, Perrigo noted, will compete in a U.S. diabetes health care market opportunity estimated at over $1.5 billion in annual sales.
"This acquisition, alongside the store-brand glucose monitoring meters and strips powered by ONsync launched in 2011 with AgaMatrix, showcases our continued commitment to providing a comprehensive line of quality, affordable health care to the growing diabetes community," Perrigo chairman and chief executive officer Joseph Papa said in a statement.
Papa added that the Center for Disease Control and Prevention estimates that one in three Americans will develop diabetes during their lifetime.
"Given the strong patient demand for high-quality and value in the overall diabetes care market," he stated, "we are very pleased to have completed this deal with CanAm Care. Perrigo will be the only full-line, store-brand supplier to our retail customers in the over-the-counter diabetes care market with this combined portfolio."
