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.

Israeli drugmaker Teva Pharmaceuticals has agreed to buy the generic-drug business of Allergan for about $40.5bn (€36.8bn) in cash and stock, ending its hostile bid for rival Mylan.

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.

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.

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

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.

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

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.

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 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.

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).

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.