New Hope-based Paddock Laboratories, Inc., has agreed to be acquired by Allegan, Michigan-based Perrigo Company for $540 million, the companies announced Thursday.

The all-cash transaction is subject to customary closing conditions and is expected to close in Perrigo's fourth quarter, which ends in June. After the deal closes, Paddock will continue operations at its New Hope facility under the Perrigo name.

Paddock, which manufactures generic pharmaceuticals, employs about 450. According to Nick Wasmiller, a Perrigo spokesman, there are no layoffs planned. Wasmiller said that the employees at Paddock were a “big driver in making the deal.”

“We are very impressed with Paddock's solid foundation and growth over the past 30 years,” Joseph C. Papa, chairman and CEO of Perrigo, said in a statement. “Bruce Paddock and his team . . . have built a company focused on bringing high quality products quickly to market, backed by state-of-the-art manufacturing.”

Wasmiller said that Paddock-who founded the company in 1977-plans to retire. A Friday morning call to the company to find out when Paddock will retire was not immediately returned.

Perrigo expects the acquisition to add more than $200 million to its annual sales and increase its earnings starting in its 2012 fiscal year. In addition, the acquisition will result in a tax benefit that will save Perrigo $95 million over the next 15 years.

Perrigo said that it will fund the transaction with about $80 million in cash on hand, $310 million that's available from an existing loan, and a new $150 million loan.