Leeds, UK-based drugmaker Rosemont Pharmaceuticals has been snapped up by US healthcare group Perrigo for £180 million.

The group said it has signed a definitive merger agreement - and now completed the acquisition - of Rosemont, from private equity group CBPE Capital.

The move has reaped significant gains for CBPE, which paid £93 million for the Rosemont back in 2006.

Founded in 1967, Rosemont is a specialty and generic prescription pharmaceutical company that specialises in the manufacturing and marketing of oral liquid formulations, and it has more than 90 products in its pipeline. 

According to Perrigo, Rosemont's "number one position" in the specialty UK oral liquid formulations market "strongly compliments" its own over-the-counter business, "enhancing product diversification and the business's margin profile".

Attractive market

Further explaining its interest in the company, it said Rosemont offers access to an "attractive" specialty market, immediate access to oral liquid formulations, and a leadership position in a sizeable and growing market.

The move, it said, is also aligned with its strategic growth objective to expand into additional liquid categories and diversified prescription medicines to further broaden its customer product portfolio.

Rosemont generated net sales in 2012 of around £40 million. Its management team, including chief executive John Blythe and finance director Neil Salvin, are expected to keep their positions for the time being, according to media reports.