Irish High Court approves Perrigo-Elan deal

ALLEGAN, Mich. — The Irish High Court has approved Perrigo's pending acquisition of Irish drug maker Elan, the companies said Friday.

U.S.-based Perrigo said in July that it would acquire Elan for $8.6 billion. Elan is best known for the multiple sclerosis treatment Tysabri (natalizumab), marketed and distributed by Biogen Idec, while Perrigo manufactures various branded and generic prescription and OTC drugs. The deal between the two companies will give Perrigo a claim to "double-digit" royalties for Tysabri, CEO Joseph Papa said when the deal was announced.

With the Irish court's approval, the two companies have met all regulatory approval requirements for the deal, they said. Elan's shareholders approved the deal last month.