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.

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.

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

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.

Elan says it has received several unsolicited corporate enquires in the wake of high-profile advances from US intellectual property firm Royalty Pharma.

US intellectual property firm Royalty Pharma has further increased its bid for Irish biotechnology company Elan to $13 (€9.80) per share.

Elan has warned its shareholders that they could stand to receive little or no financial reward if US firm, Royalty Pharma succeeds in its attempt to buy the company.

The combined value of Irish-related company transactions hit its highest level for nearly three years, during the first quarter of 2013, new research shows.

Elan has around $2 billion (€1.54bn) to spend on investments as it looks to rebuild its asset portfolio following the sale of its headline asset and revenue generator Tysabri.

Elan has rejected Royalty Pharma’s near €7bn takeover approach, saying the offer substantially undervalues the company and doesn’t account for the Irish firm’s future prospects.

Elan shareholders have unanimously voted in favour of the company’s share buyback plan, which will see nearly a third of the proceeds of its sale of multiple sclerosis drug Tysabri returned to investors.

Royalty Pharma, the US investment management firm interested in buying Irish biotechnology company Elan, has been set a deadline of May 10 by the Irish Takeover Panel to either table a firm offer for the company or walk away from the process for at least 12 months.

Elan’s chief executive Kelly Martin was paid just over $2.3m (€1.78m), last year — 20% less than in 2011.

Elan has sweetened the terms on offer to shareholders under its $3.25bn (€2.5bn) disposal plan, as it aims to stave off an approach for the company from US investment firm Royalty Pharma.

Elan has said it will consider any credible takeover proposal made to the company, but noted “the heavily conditional nature” and “highly opportunistic timing” of Royalty Pharma’s announcement that it has made an indicative proposal to buy the biotech firm for $6.6bn (€4.97bn).

Elan is set to return $1bn (€760m) to shareholders — roughly a third of the money it is due to receive from selling its stake in multiple sclerosis drug Tysabri.

Elan has announced a restructuring of its multiple sclerosis drug Tysabri deal with Biogen Idec, under which Biogen will fully own and control of the drug.

Restructuring costs have resulted in Elan showing a net loss of $216.2m (€167m) for the third quarter of 2012 — a period which, last year, generated net income of $3.5m.

Management at Irish drug company Elan has downplayed talk of the business being “dolled-up” as a potential acquisition target.

Elan is to hive off its drug discovery division Neotope Biosciences and continue as a profitable standalone company — a move which has heightened speculation that it is trying to position itself as a takeover target.

Elan suffered a near 9% fall in its share price yesterday after news that its partners have ceased plans for their headline Alzheimer’s disease treatment.

Elan has reported an 11.2% year-on-year rise in first-half revenue, to $576.4 million (€474m); but came up short of market estimates in the second quarter of the year.

By the end of the year, Elan should have a clearer idea if its most prominent in-trial treatment for Alzheimer’s disease has a commercial future.

Better-than-expected sales of multiple sclerosis drug Tysabri boosted first-quarter revenue at Irish drug company Elan by 17% to over $288m (€218m).

Pharmaceutical giant Elan today reported a 17% revenue increase resulting in a net loss from continuing operations of $31.8m (€24.08m) in its first-quarter 2012 financial results.

Drugmaker Elan’s fourth quarter revenues fell by a higher-than-expected 14% on the sale of its drug delivery business, a hit it sees itself making up for through sales of multiple sclerosis drug Tysabri in 2012.

ELAN is aiming to double its revenues to about $2.5 billion (€1.78bn) and the number of patients using its multiple sclerosis treatment Tysabri over the next five years.

ELAN is hoping to double its share of the multiple sclerosis treatment market, — through its headline drug, Tysabri — to 20%, within the next four years.

ELAN has agreed to sell its Athlone, Co Westmeath- based drug delivery unit EDT (Elan Drug Technologies) to US firm Alkermes for nearly $1 billion in a cash and equity deal.

Dublin: The latest safety update on the Tysabri multiple sclerosis (MS) drug — co-owned by Elan and US pharma Biogen Idec — has found nine new cases of PML, the potentially fatal brain disease and possible side effect of using the drug, in patients.

ELAN is anticipating its full-year earnings for 2011 will beat its previous $200 million (€138m) guidance.

THE ISEQ Index dipped a further 5.53 points to 2787.08 as investor concerns over the developments in Japan and North Africa continued to weigh on markets worldwide.

IRISH pharmaceutical group Elan saw its net loss widen significantly — due to a one-off cost — last year, but also posted its first operating profit for almost a decade.

Drug maker Elan posted a 2% fall in revenue for the quarter ended September 30, with total revenue of $281.4m (€203.6m) for Q3 2010 down on the figure of $287m (€207m) for the same period last year.

Dublin/Boston: Elan, along with its product partner Biogen, has reported another increase in instances of rare brain disease PML among users of its headline multiple sclerosis/Crohn’s disease treatment Tysabri.

THE number of instances of rare brain disease PML in users of Tysabri (the multiple sclerosis drug co-owned by Irish pharmaceutical company, Elan) increased by five last month.

IRISH pharmaceutical firm Elan plans to further reduce its debt levels using the proceeds made from a bond offer to institutional investors.

A DECISION regarding the future status of Elan’s drug-delivery business – Elan Drug Technologies (EDT) – may not be made until next year.

ELAN is expected to arrive at a decision regarding the future status of its drug delivery division, EDT, before the end of the summer – with a separate stock market listing the likely outcome.

ELAN, the Irish pharmaceutical company, saw its share price slip by 4c yesterday on the back of seven more cases of a rare brain disease being reported amongst users of its multiple sclerosis treatment Tysabri.

ELAN expects to show a full-year operating profit for the first time in nearly a decade this year, after reporting a 56% fall in annual losses for 2009.