Perrigo has signed a definitive merger agreement as well as has acquired Cobrek Pharmaceuticals, an US-based drug development company, for nearly $45m on a cash free and debt free basis.

The company, in May 2008, had also acquired an 18.5% minority stake in Cobrek in relation to a product development collaborative partnership agreement with the company focused on foam dosage form generic pharmaceutical products.

Under the existing collaboration agreement, Cobrek receives its earnings from profit shares on products partnered with Perrigo, the company responsible for all commercial activities.

As part of the transaction, Cobrek will not be eligible to share any profit shares earned during Perrigo's fiscal second quarter 2013.

Perrigo chairman, president and CEO Joseph Papa said Perrigo continues to market the only generic foam products in the US and expect to launch two additional products - generic versions of Luxiq Foam and Olux-E Foam 0.05%, during the fiscal year.

''This acquisition allows us to capture the full economics going forward on our portfolio of prescription foams as well as maintain control over future development activities in this important category of extended topical products," Papa added.