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...
Cleary Gottlieb Reps Alkermes In $960M Elan Unit Buy
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