The Ticker: Perrigo Buys Portfolio of Women’s Health Care Products

TA-25 index pulls back from record high; Arko in accord to buy 43 U.S. filling stations; Kamada extends pact with Baxter.

Adam Bird/Bloomberg

Perrigo, the world’s biggest maker of generic over-the-counter drugs, said Monday it had agreed to buy a portfolio of women’s health care products from pharmaceutical company Lumara Health for $82 million in cash. “Perrigo is uniquely positioned to realize potential manufacturing synergies given the fact that we currently manufacture two of the three products included in this portfolio for Lumara,” said Perrigo CEO Joseph Papa. “Additionally, the team intends to increase promotional efforts of these three products, which achieved peak sales of approximately $78 million before two of these products were removed from the market due to production issues.” Papa said the three products, which include a vaginal cream and a skin spray, “have high barriers to entry and are of strategic interest to Perrigo,” the only non-Israeli company on the benchmark TA-25 index. Shares of Perrigo fell 0.2%, to 554.50 shekels ($150.41) in Tel Aviv. (TheMarker Staff)

TA-25 index pulls back from record high
The TA-25 index pulled back from its record high to end slightly down Monday. The benchmark index, as well as the TA-100, finished the session off 0.1%, at 1,457.80 and 1,306.89 points, respectively, with 1.17 billion shekels ($320 million) in shares changing hands. Israel Chemicals was the most active share again Monday, posting a second day of sharp declines on the back of its Wall Street listing over the weekend. ICL ended down 1%, to 26.20 shekels on turnover of 112 million shekels. Telecommunications shares were all down sharply, with Partner Communications off 2.5%, to 26.23 shekels; Cellcom Israel losing 2.4%, to 40.74; and Bezeq declining 1.9%, to 6.42 shekels. In foreign currency trading, the dollar extended its gains on the shekel close to 0.8%, to a Bank of Israel rate of 3.6860, while the euro added 0.7%, to 4.6818. (Dror Reich)

Arko in accord to buy 43 U.S. filling stations
Arko Holdings is expanding its gas station empire in the United States, saying Monday its GPM subsidiary had agreed to acquire 43 stations and convenience stores in the American Midwest for $39 million. The acquisitions come two weeks after Arko signed a preliminary agreement to buy eight filling stations for $8 million in North Carolina and South Carolina. Arko said both agreements are non-binding while it conducts due diligence. GPM, which Arko controls with Petro Group, agreed in January to buy 165 stations for about $60 million in a deal yet to be completed after the two sides pushed back the deadline six times, most recently to October 15, apparently due to environment-related issues. Shares of Arko were unchanged at 59 agorot (16 cents) in Tel Aviv. (Eran Azran)

Kamada extends pact with Baxter
Biopharmaceutical company Kamada said Monday it extended an agreement with Illinois-based health care company Baxter International to supply a drug to treat emphysema through 2017. The Nes Tziona-based Kamada said it will receive $26 million in additional revenues of Glassia, a proprietary drug to treat clinically evident emphysema in adults due to severe alpha-1-antitrypsin deficiency. Kamada said it expects total revenue generated from the agreement — from October 2010, when the initial deal was forged, until the end of 2017 — to rise to a minimum of $191 million, compared with a minimum estimate of $110 million in 2010 and $165 million after a previous extension last year. “Securing revenues through 2017 provides us with better visibility into revenues for the coming years,” said Kamada CEO David Tsur. Kamada shares rose 0.3%, to 16.55 shekels ($4.49) in Tel Aviv. (Reuters)

No insurance license for Ben-Moshe and Elsztain, for now
In a surprise announcement, Dorit Salinger, the treasury’s commissioner for capital markets, insurance and savings, said Monday that for now she would not grant an insurance license to Moti Ben-Moshe and Eduardo Elsztain, who acquired Clal Insurance when they took over the IDB group earlier this year. Salinger said she had received less than half the documents required under the law to complete the application and said they had until October 30 to do it. She warned that the last possible date for them to win approval is the end of this year. Clal was on its way to being sold to a Chinese investor group when Nochi Dankner controlled IDB, but Ben-Moshe and Elsztain opted to hold on to the group’s controlling stake, saying the 3.7 billion shekel ($1 billion) at which Clal was valued was too low. Raanan Klir, an attorney representing the pair, said he was surprised to receive Salinger’s letter, saying his clients have submitted most of the documents and still had time to file the rest. Shares of IDB Development fell 0.7%, closing at 4.50 shekels in Tel Aviv. (Shelly Appelberg)