1. Pink Sheet

Perrigo’s Irish Move Sets Stage For International Boost, Net Revenue Gain

 
• By Malcolm Spicer

OTC private label leader Perrigo acquires Irish firm Elan for $8.6 billion in a deal that will bring tax savings from being incorporated in Ireland, provide a stage for European expansion and tap into Elan’s royalty rights. “Simply stated, we're going to be able to further our international platform,” CEO Joseph Papa says.

Perrigo Co. PLC will set up a launching pad to boost its net revenues by re-incorporating in Ireland, through its acquisition of specialty pharma Elan Corp. PLC, and escaping higher U.S. tax rates.

Perrigo on July 29 announced it will buy Elan for $6.25 per share in cash plus $10.25 per share in stock, or approximately $8.6 billion as of the July 26 market close; this represents a premium of about 10.5% over the Irish firm’s closing price

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