Generic drugmaker Perrigo Co said it would buy privately held PBM Holdings Inc, a store-brand baby food manufacturer, for about $808 million in cash to expand its store-brand market into infant formula and baby food.

Gordonsville, Virginia-based PBM manufactures and distributes over-the-counter store-brand infant formula and baby foods sold by retailers in the mass, club, grocery and drug channels in the United States, Canada, Mexico and China.

PBM's products include infant and toddler formulas, paediatric nutritionals, diabetic products and soy nutritional drinks. They are labelled under the store brands of retailers like Wal-Mart Stores Inc, Target Corp, Kroger Co, Loblaws and Walgreens

Source: Reuters