Alkermes to buy Elan Drug Technologies

WALTHAM, Mass. — Alkermes will buy Irish drug maker Elan’s drug formulation and manufacturing business for $960 million, the two companies said Monday.

Alkermes will buy Elan Drug Technologies and incorporate the combined company in Ireland, naming it Alkermes PLC. Alkermes said the acquisition would give it an edge in treating central nervous system disorders and expected to have diverse revenue streams from 25 commercialized drugs.

“The merger will be financially transformative and create a profitable, global biopharmaceutical company with a diversified CNS product portfolio and a strong foundation for growth,” Alkermes CEO Richard Pops said. “Both companies have a proven track record as innovators.”