President and CEO Joseph C. Papa
Perrigo Company (NYSE:PRGO; TASE:PRGO) shareholders yesterday approved the acquisition of Ireland’s Elan Corporation plc (NYSE; LSE; Dublin: ELN) for $8.6 billion. 98% of the eligible shareholders approved the merger.
“We are pleased with the shareholder approval for this transaction, which establishes a diversified platform to enable future expansion as an integrated company, ” said Perrigo Chairman, President and CEO Joseph C. Papa. “Moving forward, we will continue to build on our position as an industry-leading global healthcare company with the balance sheet liquidity and operational structure to accelerate our growth.”
Perrigo’s shareholder approval satisfies certain conditions to the closing of the transaction. The closing of the transaction remains subject to certain regulatory approvals, approval by the Irish High Court and other customary closing conditions, and is expected to occur by the end of calendar year 2013.
From its beginnings as a packager of generic home remedies in 1887, Perrigo Company, based in Allegan, Michigan, has grown to become a leading global healthcare supplier. The Company develops, manufactures and distributes over-the-counter (“OTC”) and generic prescription (“Rx”) pharmaceuticals, nutritional products and active pharmaceutical ingredients (“API”) and is the world’s largest manufacturer of OTC pharmaceutical products for the store brand market. Perrigo’s mission is to offer uncompromised “quality, affordable healthcare products™”, and it does so across a wide variety of product categories primarily in the United States, United Kingdom, Mexico, Israel and Australia, as well as certain other markets throughout the world, includingCanada, China and Latin America.