Cleary Gottlieb Reps Alkermes In $960M Elan Unit Buy

Law360, New York (May 09, 2011, 1:05 PM ET) -- Alkermes Inc. said Monday it would pay $960 million to buy the drug technology unit of fellow pharmaceutical company Elan Corp. PLC in a deal that will broaden Alkermes' drug portfolio and allow Elan to cut its debt.

Under the terms of the cash-and-stock transaction, Waltham, Mass.-based Alkermes will merge with Elan Drug Technologies under a new holding company, Alkermes PLC, to be headquartered in Elan's home base of Dublin.

The merger with EDT will increase Alkermes' focus on developing treatments for central nervous system diseases...
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