Tuesday, May 13
Manufacturing and distribution rights to Tysabri huge factor in Perrigo-Elan Merger
The mega merger between Perrigo Company and Elan Corporation is complete. The generic drug manufacturer, formerly based in Allegan, has acquired Irish biotech firm Elan in a blockbuster $8.6 billion cash and stock transaction that became official Wednesday afternoon.
Perrigo is nearing completion of a $200 million expansion and renovation project in Holland Township that’ll add several hundred jobs at its new warehouse and production facilities at the old JB Laboratories site. The merger strengthens its business and financial profile with highly diversified revenue streams and enhanced cash flow.
The acquisition of manufacturing and distribution rights to Tysabri, a generic pharmaceutical used to treat Multiple Sclerosis patients, factored heavily into the merger, Papa indicated.
“Combined with the royalty stream of Tysabri, a blockbuster product that generated revenues of $1.6 billion last year,” he said, “this platform will create an industry-leading global healthcare company with the balance-sheet liquidity and operational structure to accelerate our growth.
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