Perrigo plans to expand Michigan headquarters

The company said it will provide operations and training space at its headquarters and plans to add the jobs over the next five years.

"Many brand products' exclusivity rights will expire soon, and this will allow us to develop additional high-quality, store-brand versions at an affordable price," said Joseph Papa, president, chairman and chief executive of Perrigo.

The moves will be aided by tax credits from the state of Michigan, which the company valued at $8.4 million over the next 12 years. It also expects the city of Allegan to approve tax abatements worth an estimated $1.4 million.

According to data from IMS Health, drugs worth $66.4 billion in annual sales will lose patent protection between 2008 and 2012, including products worth more than $40 billion in 2011 and 2012.

Perrigo shares gained $1.13, or 3.2 percent, to $36.18 in afternoon trading.