Pharma BD Deal Intelligence

Perrigo Company plc / Elan Corporation plc

2013 · Acquisition/Merger · $8.6B · Complete

CALLED IT — OFF BY 18
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The coverage arc

Jul 29, 2013 PMLiVE Neutral

Coverage described Perrigo's stated rationale of gaining 'a diversified platform for further international expansion' and an Irish low-tax base through the…

Oct 09, 2013 Nature Biotechnology Neutral

Coverage framed Perrigo-Elan as a textbook tax-inversion play: Irish domicile and the Tysabri royalty as a dependable cash-flow anchor while Elan's…

Dec 03, 2018 FiercePharma Bearish

Wells Fargo's David Maris on the combined ~$3B Irish + IRS tax exposure: 'when two tax authorities are seeking nearly $3 billion in taxes, we would suggest…

Source summaries from our enrichment pipeline; follow links for originals.

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Perrigo to acquire Elan in cash-and-stock deal valued ~$8.6B; tax inversion to Ireland. Elan shareholders received $6.25 cash + 0.07636 New Perrigo shares per Elan share.

Did it work? Outcome assessment

Strategic verdict
Failed to Achieve
Financial impact
Impaired/Written Down

Key facts

Related deals — scored

DealYearValueOutcome
Perrigo Company plc / Elan Corporation plc (this deal)2013$8.6B32
Perrigo Company plc / HRA Pharma2021$2.1B
Watson Pharmaceuticals (Actavis Inc.) / Actavis plc2012$5.9B97
Kohlberg Kravis Roberts & Co. / PRA International (Genstar Capital)2013$1.3B91
Stryker Corporation / MAKO Surgical Corp.2013$1.6B91
Quintiles Transnational Holdings Inc. / IMS Health Holdings, Inc.2016$17.6B91
DPx Holdings B.V. (JLL Partners 51% / Royal DSM 49%) / Patheon Inc. + DSM Pharmaceutical Products2013$2.6B90

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