Drugmaker Perrigo snaps up Elan for £5.6 billion
US drugmaker Perrigo yesterday paid $8.6billion (£5.6billion) for Irish rival Elan.
Michigan-based Perrigo, the largest maker of generic drugs for major US retail chains such as Wal-Mart, will gain access to royalty rights from blockbuster multiple sclerosis treatment Tysabri.
Elan recently sold its 50 per cent interest in the medicine, whose sales rose to £1billion last year, but retained royalty rights.
Perrigo said it would also move its tax residence to Ireland taking advantage of the country’s 12.5 per cent corporate tax rate.