tThe Irish High Court has approved Allegan-based Perrigo’s pending acquisition of Elan, a biotechnology company headquartered in Dublin. The health care supplier announced Friday that it expects the transaction to close Wednesday.
tIn July, Perrigo said the $8.6 billion transaction would establish the company as a global health care provider, creating the opportunity for after-tax annual operating expense and tax savings of more than $150 million.
t“This transaction underscores the tremendous value of Elan’s platform,” said G. Kelly Martin, CEO of Elan. “The new combined company should deliver value, growth, and diversification to shareholders for many years to come.”
tAccording to Perrigo officials, an operating base in Ireland will serve as a business hub and gateway for expansion into international markets. It will also provide access to a highly diversified revenue stream from Tysabri, used for the treatment of multiple sclerosis.
tFounded in 1887, Perrigo develops, manufactures, and distributes over-the-counter and generic prescription pharmaceuticals, nutritional products, and active pharmaceutical ingredients.