PBM infant formula and baby food products are available in the US, Canada, Mexico and China.
"The teams' considerable expertise in the science of infant formula development combined with their strong manufacturing capabilities and customer relationships are highly complementary to Perrigo's strategic pillars,” said Perrigo chairman and CEO, Joseph C Papa.
President and CEO of PBM, Paul B Manning, said: “Both companies have similar missions of partnering with customers to develop superior programs through R&D, marketing and supply chain efficiencies.”
The deal is subject to regulatory approval.