Court approves €6.4bn Elan buyout

The commercial court has approved the €6.48bn acquisition of the Elan pharmaceutical group by US company Perrigo. Mr Justice Peter Kelly made the relevant orders yesterday on the application of Paul Sreenan SC, for Elan Corporation plc.

The acquisition deal, announced last July, involves the US generic drug maker paying $8.6bn (€6.48bn) for Elan in a deal giving it royalty rights plus lower taxes as a result of being domiciled in Ireland.

Elan’s petition said it was estimated about $22.2m may be payable to seven company executives on termination of employment and change of control. Fourteen employees may also receive bonus payments not exceeding $3.3m arising from their role in the sale.