Elan heads off into the sunset after takeover battle
Once the biggest company on the Irish stock exchange, pharmaceutical firm Elan headed off into the sunset in 2013. The company became the target of a hostile takeover battle earlier in the year, as US-based Royalty Pharma set its sights on the Irish firm.
Elan had sold its 50pc stake in multiple sclerosis drug Tysabri for $3.2bn (€2.3bn) and had plans to invest a chunk of the money in buying into other drug firms and revenue streams.
It would also continue to receive royalties from the successful Tysabri drug. The takeover effort by Royalty became increasingly bitter and the US firm eventually upped its bid for the Irish firm, valuing Elan at up to $8bn (€5.8bn). But then from the woodwork came drug company Perrigo, also based in the US. It tabled an offer -- worth about €6.3bn -- that was more acceptable to the Elan board, which in turn recommended it to shareholders.
The deal has since been approved and it was due to be sealed by the end of this year. That will result in Elan vanishing from the stock exchange. Perrigo will be tax resident in Ireland, saving it a fortune, while shares of the new combined entity will be listed in New York and Israel. Elan CEO Kelly Martin will also make tens of millions of dollars from the sale of the company.