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news.Alkermes has merged with Elan Drug Technologies (EDT), the drug formulation and manufacturing business unit of Elan.
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Following the merger, the businesses were brought together under a newly-formed company, Alkermes plc, to be based in Ireland.
As per the terms of the deal, Elan has obtained $500m in cash and 31.9 million ordinary shares of Alkermes plc, representing approximately 25% of Alkermes plc.
Alkermes CEO Richard Pops said through this transaction, they have combined two companies with proprietary technologies and important commercial products, creating a platform for accelerating future growth and increasing shareholder value.