The High Court has today approved Perrigo's proposed acquisition of Irish pharmaceutical company, Elan, paving the way for the deal to be finalised.
The deal, which was announced last July, will see the US generic drugmaker pay $8.6 billion (€ 6.48 billion) for Elan in a deal that will hand it royalty rights from a blockbuster treatment and tax savings from being domiciled in Ireland.
Joseph C. Papa, president and chairman of Perrigo stated: “We are pleased with the Irish High Court’s approval of the scheme of arrangement and expect to close the Elan transaction prior to the end of the year.”
Michigan-based Perrigo established New Perrigo, a private limited company incorporated in Ireland, solely for the purpose of effecting the transaction.
Following the conclusion of the deal, an indirect subsidiary of New Perrigo will merge with and into Perrigo, as a result of which the separate corporate existence of this subsidiary will cease and Perrigo will continue as the surviving corporation as a wholly owned indirect subsidiary of New Perrigo.
The deal is expected to close December 18th, 2013, with shares of Elan to stop trading on the Irish Stock Exchange on December 17th, and the trading of Elan American Depositary Shares will continue on the New York Stock Exchange until the end of the day on December 18th. Trading of Perrigo shares will continue on the New York Stock Exchange until the end of the day on December 18,th 2013, and on the Tel Aviv Stock Exchange until 4:30 p.m. local time (9:30 a.m. Eastern Standard Time).
The delisting of Elan ordinary shares from the Irish Stock Exchange and of the Elan American Depositary Shares from the New York Stock Exchange will be effective following the close of trading in those respective markets on December 18th. The ordinary shares of New Perrigo are expected to commence trading under the ticker symbol “PRGO” on the New York Stock Exchange on December 19, 2013, and on the Tel Aviv Stock Exchange on December 22nd, 2013.
