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.

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.

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.

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.

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.