Irish life sciences and biotech investment firm, Malin has secured €70m in debt funding from the European Investment Bank (EIB).

Irish life sciences investment firm Malin completed its initial series of asset purchases with two more investments, yesterday, and confirmed that director and former Elan boss Kelly Martin would take over as chief executive.

Irish life sciences investment firm Malin will appoint director and former Elan chief Kelly Martin as its chief executive as part of a reshuffle of its management team, two sources close to the company said yesterday.

Irish investment firm Malin has invested $80m (€73m) in UK biotechnology firm Immunocore as part of Europe’s largest ever life sciences-focused funding round.

Malin, the life sciences- focused investment vehicle, run by former Elan executives, has announced a €34.5m investment in Altan Pharma, its second major investment in as many days.

Life sciences-focused investment firm Malin has invested $35m (€31m) for a minority stake in US-based drug development firm Melinta Therapeutics.

Dublin-domiciled drug firm Perrigo is set to significantly strengthen its status as one of the world’s leading over-the-counter drugs makers by acquiring a selection of such brands from industry giant GlaxoSmithKline (GSK).

US-based Mylan yesterday offered to buy fellow drugmaker Perrigo whose headquarters are in Dublin for $28.9bn (€26.73bn), a deal that would create a powerhouse for generic medicine.

Shares in newly-formed Irish investment firm Malin closed up 6% at the end of its first day’s trading in Dublin yesterday.

Malin, the Irish-backed investment firm targeting privately-owned life-science companies, has surpassed its initial funding hopes, by raising up to €330m in what is being viewed as one of Europe’s largest ever IPOs for the life sciences market.

Malin, an Irish company set up by a number of former Elan executives to invest in privately held life science assets, plans to raise between €275m and €325m in one of Europe’s biggest biotechnology IPOs.

Leading generic drugs producer, Perrigo is set to raise approximately $1bn (€800m) — via a share placing — to mainly cover the cost of its proposed takeover of Belgian firm, Omega Pharma Invest NV.

Dublin-based US drugmaker Alkermes has reported a 14% year-on-year increase in third-quarter net revenue to $160m (€125m), beating analyst forecasts.

The company which bought Irish drug firm, Elan last year has reported a near 54% fall in annual net profit.

I’M sick of telling you all how good the Skoda Superb is. I’ve been saying it for years now and while many of you have been listening the message does not appear to have reached as many people as it should have.

US drugmaker Perrigo has incurred once-off costs of nearly $285m (€205m) through its takeover of Irish biotech firm, Elan, dragging its current year profits down by nearly 80% so far.

Horizon Pharma is to become the latest US drug firm to switch its corporate base to Ireland to take advantage of the country’s low corporate tax rates.

The quality of start-up companies being founded in Ireland is improving every year according to influential investor Richard Moran.

Allergan chief executive David Pyott said he probably won’t follow other drugmakers in making an acquisition in Ireland as a way to lower the company’s corporate taxes.

Ireland accounted for nearly 5% of all European-based merger and acquisition (M&A) activity last year, in value terms.

JAZZ Pharmaceut-icals just got more alluring as a takeover target after adding to its suite of medicines for rare diseases.

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 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.

US drugmaker Perrigo moved a major step closer to acquiring Dublin-headquartered biotech firm Elan yesterday with shareholders in both companies approving the takeover at separate investor meetings.

The first full quarterly benefit of royalty payment arrangements regarding leading multiple sclerosis drug Tysabri helped Elan record adjusted earnings of $12.1m (€8.8m) in the three months to the end of September.

There were close to 100 fewer instances of merger and acquisition activity involving Irish-based firms in the first nine months of 2013 compared to the same period last year.

The head of US drugmaker Alkermes, which announced earlier this year that it would be cutting a quarter of its Irish-based workforce, has maintained that the company is committed to this country and will see most of its growth come from here.

THE story of Elan is so full of improbable twists that if you were to read about it in a novel, you would struggle to accept it as believable.

Stocks were quiet in the main yesterday in bank holiday trading, with the exception of the food sector which experienced some brisk trading.

US pharmaceutical Perrigo will benefit from around $150m (€113m) in annual tax savings from acquiring Elan, its chief executive said yesterday.

Irish biotechnology company Elan is to be bought by Perrigo — the leading maker of generic over-the- counter drug products in the US — for $8.6bn (€6.5bn).

A mixed start to the week saw the Iseq dropping 6.81 points to 4,072.85 despite an early surge in pharmaceutical company Elan after news of a buyout by US drugmaker Perrigo.

Elan has said it is focused squarely on exploring a sale of the company, but has offered no potential transaction timeframe, nor hinted at any bid deadlines.

Dublin-headquartered biotechnology company Elan has posted an income of $2.28bn (€1.7bn) for the second quarter of 2013, compared to a net loss of $28.5m for Q2 in 2012.

First round takeover bids for Irish bio-tech firm Elan are not likely to be formally tabled until after the company publishes its half-year results later this month.

A former portfolio manager has urged a US federal judge to dismiss two insider trading charges tied to his firm’s sales of Elan’s US depositary receipts.

Ryanair is to return up to €1bn to shareholders over the coming two years, via two separate share buy-back programmes or a special dividend payout.

Forest Laboratories, the speciality drugmaker that counts investor Carl Icahn as a major shareholder, is among a handful of companies interested in bidding for Irish biotech firm Elan, sources claim.

European equity markets started the week on a positive footing with most adding to Friday’s gains, albeit modestly as investors treaded causally ahead of this week’s Federal Reserve meeting. Stocks in Dublin were no different as the Iseq added 2.38 points to close on 3,917.9.

Royalty Pharma has urged the board of Irish biotech firm Elan to engage it in takeover talks immediately.

Irish bio-tech company Elan looks set to be sold, with management sensationally announcing yesterday that it has authorised a formal sale process to commence.

European stock markets reacted badly to the resignation of the Royal Bank of Scotland chief executive, Stephen Hester, and the indication that central banks may end their support of economies.

As much as $2bn (€1.5bn) could be wiped off Elan’s market value if its shareholders reject US firm, Royalty Pharma’s takeover advances next week, brokers have claimed.