.Press Release Printer-FriendlyEmail this pageRSS FeedsEmail Alerts.Alkermes to Merge with Elan Drug Technologies to Create Alkermes plc -- Creates a Leader in CNS Therapeutics with Growth Driven by Five Major Commercial Products and Proprietary Product Pipeline -- -- Transaction Immediately Accretive to Cash Earnings; Alkermes plc to be Immediately Profitable on a Cash Basis with Growing Revenues in Excess of $450 Million Annually -- -- Transaction Valued at Approximately $960 Million, with Elan to Receive $500 Million Cash and 25% Equity Stake in Alkermes plc --
WALTHAM, Mass. & DUBLIN, May 09, 2011 (BUSINESS WIRE) -- Alkermes, Inc. (NASDAQ: ALKS) and Elan Corporation, plc (NYSE: ELN) today announced the execution of a definitive agreement under which Alkermes will merge with Elan Drug Technologies (EDT), the profitable, world-class drug formulation and manufacturing business unit of Elan, in a cash and stock transaction currently valued at approximately $960 million. Alkermes and EDT will be combined under a new holding company incorporated in Ireland. This newly created company will be named Alkermes plc.