Perrigo's acquisition of Paddock Labs put on hold

ALLEGAN, Mich. — Perrigo on Wednesday announced that its closing date to complete the acquisition of Paddock Labs — a generic pharmaceutical and specialty over-the-counter products manufacturer — has been delayed by an extended Federal Trade Commission review.

"We are looking forward to concluding the transaction as soon as possible,” Perrigo chairman and CEO Joseph Papa said. “We have recently received a few additional questions from the Federal Trade Commission staff, and the parties are working collaboratively with the staff to answer these questions so that the FTC may conclude its review,” he said.

The acquisition is an important step toward expanding Perrigo’s specialty portfolio of generic pharmaceutical products, Papa said.