US firm closes on Elan deal

US DRUG firm Alkermes expects to complete its acquisition of Elan’s drug delivery business next week and move its headquarters to Dublin by the end of the year, after shareholders approved the deal yesterday.

Alkermes said about 99.9% of its shareholders approved the $960 million (€682m) deal struck in May, in which Elan will get €500m cash and a 25% stake in Alkermes which can be reduced after a six-month lock-up period.

Alkermes is considering a stock market listing in Dublin to add to its main listing on Nasdaq, but was concentrating on wrapping up the deal before making a decision, chief executive Richard Pops said.