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Alkermes purchased Elan’s Elan Drug Technologies (EDT) unit in a cash and stock transaction worth approximately $960 million. The two companies will be merged into a new holding company in Ireland under the name Alkermes plc.

A press statement explained that Elan will receive $500 million in cash and $31.9 million in ordinary shares of the new company’s common stock. Alkermes believes that the transaction will be immediately accretive to its cash earnings. The combined company is expected to have annual growing product, royalty, and manufacturing revenues in excess of $450 million.

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