€6.5bn takeover of Elan completed

Leading US generic drugmaker Perrigo has formally completed its $8.6bn (€6.5bn) takeover of Irish biotech firm Elan in a cash and share deal.

The enlarged entity will now be named Perrigo Company plc and will be incorporated in Ireland, while its shares will be listed on the New York and Tel Aviv stock exchanges. Elan’s shareholders will receive their payment entitlements within the next two weeks.

Perrigo is the market leader for generic drugs in the US. Its purchase of Elan gives it royalty rights to the leading multiple sclerosis treatment Tysabri, of which Elan used to own 50%; and significant tax benefits from being domiciled in Ireland.