Supplier News Breaks Archives
Perrigo closes acquisition of Elan
December 18th, 2013
DUBLIN, Ireland – Perrigo Co. has completed its $8.6 billion deal to acquire Irish pharmaceutical company Elan Corp.
Perrigo said Wednesday that under the acquisition, announced in July, it has combined with Elan to form a new company incorporated in Ireland, which has adopted the global name Perrigo Company plc.
Shares of Perrigo will trade on the New York Stock Exchange and the Tel Aviv Stock Exchange under the ticker symbol PRGO. Perrigo shares are traded in Israel because in 2005 the company acquired Israeli generic drug maker Agis Industries Ltd.
"We are very pleased to welcome the Elan team into the Perrigo family. The combined company establishes a diversified platform that will position Perrigo well for further expansion," stated Perrigo chairman and chief executive officer Joseph Papa.
Allergan, Mich.-based Perrigo acquired Elan via a scheme of arrangement under Irish law, in which newly created holding company in Ireland purchased Elan in a stock-and-cash transaction.
When the agreement acquisition was announced, Perrigo noted that having an operating base in Ireland will serve as a business hub and gateway for expansion into global markets. The deal also is expected to provide the scale, resources and corporate structure to drive strategic initiatives and investments, as well as create a differentiated business model to continue growth in core markets and to expand into other international markets, according to Perrigo.
"When combined with the royalty stream from Tysabri, a blockbuster product that generated revenues of $1.6 billion last year, this platform will create an industry-leading global health care company with the balance sheet liquidity and operational structure to accelerate our growth," Papa explained. "This strategic transaction aligns with Perrigo's acquisition strategy and our previously stated intentions to grow our business geographically and through adjacent categories. We expect the combined companies will create tremendous value for shareholders for years to come."