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INITIAL PUBLIC OFFERING OF 8 MILLION SHARES OF PERRIGO COMPANY AT $16 PER SHARE

 INITIAL PUBLIC OFFERING OF 8 MILLION SHARES
 OF PERRIGO COMPANY AT $16 PER SHARE
 GRAND RAPIDS, Mich., Dec. 17 /PRNewswire/ -- Morgan Stanley & Co. Incorporated and J.P. Morgan Securities Inc., as managers of the underwriting group, announced today the initial public offering of 8,000,000 shares of common stock of Perrigo Company at a price of $16 per share. 7,013,019 shares are being offered by Perrigo Company and 986,981 shares are being offered upon exercise of warrants to be purchased by the underwriters from selling warrantholders. The company has granted the Underwriters an over-allotment option of 1,200,000 shares. Perrigo Company will be quoted on the NASDAQ National Market System under the symbol PRGO.
 The net proceeds from the sale of the common stock will be used to finance the acquisition of Cumberland-Swan, Inc. and to repay other indebtedness.
 Perrigo Company is the nation's largest manufacturer of over-the- counter (non-prescription) pharmaceuticals and personal care products for the store brand market. Store brand products are sold under a retailer's own label and compete with nationally advertised brand name products. The company's customers are major national and regional retail drug, supermarket and mass merchandise chains and major wholesalers. The company's products include over-the-counter pharmaceuticals (such as analgesics, cough and cold remedies, antacids, laxatives, suppositories and diet products), personal care products (such as toothpaste and mouthwash, hair care products, deodorants and antiperspirants, baby care products, and skin care and sun care products) and vitamins.
 The acquisition of Cumberland-Swan, Inc., a major manufacturer of store brand products, which is currently scheduled to close in late December 1991 or early January 1992, offers the company the opportunity to expand its product line with complementary products, to add strategically located facilities for the manufacture and distribution of its products, to expand the marketing of its products to new customers under Cumberland's "Swan" brand and to achieve cost efficiencies through the consolidation of certain operations.
 A copy of the prospectus relating to the offering can be obtained from Morgan Stanley & Co. Incorporated, 1251 Avenue of the Americas, New York, N.Y. 10020.
 -0- 12/17/91
 /CONTACT: James (Jim) Gunberg, executive vice president-finance, treasurer and chief financial officer of Perrigo, 616-673-8451/
 (PRGO) CO: Perrigo Company ST: Michigan IN: MTC SU: OFR


JT -- NY093 -- 3191 12/17/91 18:08 EST
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Publication:PR Newswire
Date:Dec 17, 1991
Words:388
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