Date: Sep 17, 2011 Source: News-Medical (
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Alkermes plc (NASDAQ: ALKS) and Elan Corporation, plc (NYSE: ELN) ("Elan") today announced the completion of the merger between Alkermes, Inc. and Elan Drug Technologies (EDT), the drug formulation and manufacturing business unit of Elan, following the approval of the merger by Alkermes, Inc. shareholders on Sept. 8, 2011. The businesses were combined under a newly-formed company, Alkermes plc, which is incorporated in Ireland and headquartered in Dublin. Alkermes plc will be listed on the Nasdaq stock exchange under the ticker symbol "ALKS."
"We are very excited about the creation of Alkermes plc - a unique, global, diversified company and a leader in CNS medications"
"We are very excited about the creation of Alkermes plc - a unique, global, diversified company and a leader in CNS medications," stated Richard Pops, Chief Executive Officer of Alkermes plc. "Through this transaction, we have strategically combined two highly innovative companies with proprietary technologies and important commercial products, creating a strong platform for accelerating future growth and increasing shareholder value."
Under the terms of the business combination agreement, Elan receives $500 million in cash and 31.9 million ordinary shares of Alkermes plc, representing approximately 25% of Alkermes plc. Based on the closing share price of Alkermes, Inc. on Thursday, Sept. 15, 2011 of $16.52, this represents a total transaction value of approximately $1.0 billion.
Holders of Alkermes, Inc. stock will receive one ordinary share of Alkermes plc in exchange for each share of Alkermes, Inc. that they own. Additional information regarding the exchange of Alkermes, Inc. common stock will be mailed to registered holders of Alkermes, Inc. common stock. Alkermes shareholders who hold shares through a broker or bank should receive information regarding the exchange or conversion of their shares from the institution holding their shares.
