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Ireland-based global healthcare company Perrigo plc has completed the acquisition of major drug firm in Ireland, Elan Corporation, plc in a cash and stock transaction valued at approximately $8.6 billion. The transaction will help Perrigo with an industry-leading growth profile and the geographic scale and scope to continue building a truly differentiated business, the company said.
In connection with the acquisition, Perrigo Company and Elan have been combined under a new company incorporated in Ireland and have adopted the global name Perrigo Company plc.
Perrigo Chairman and CEO, Joseph C. Papa stated, “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. 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.”
Established in 1887, Perrigo is a leading global healthcare supplier. Perrigo develops, manufactures and distributes over-the-counter pharmaceuticals and nutritional products along with generic prescription pharmaceuticals and active pharmaceutical ingredients. Perrigo is the world’s largest manufacturer of OTC healthcare products for the store brand market and it has presence across a wide variety of product categories primarily in the United States, United Kingdom, Mexico, Israel and Australia, as well as more than 40 other key markets worldwide, including India, Canada, China and Latin America.