DUBLIN — US drug maker Perrigo agreed Monday to buy Ireland’s Elan for $8.6 billion in a deal that should allow the rapidly growing company to reduce its tax bill and boost its royalty stream....
Perrigo, which has been headquartered in the small western Michigan town of Allegan since 1887, said it would move its tax residence to Ireland and hopes to cut its tax liabilities nearly in half as it grows non-US sales.
Your a dead hulk, American consumers. The masters know you have been looted, and it's time to move on.
Perrigo is already the largest maker of generic drugs for major retail chains in the United States, including Walgreens and Walmart. It has rapidly expanded overseas since 2005 with acquisitions in Israel, Britain, Mexico, and Australia.
A new Irish base would allow Perrigo’s non-US sales to be taxed at a much lower rate. Ireland imposes 12.5 percent tax on corporate profits, one of the lowest rates in Europe, whereas the United States levies 35 percent.
I'm not for high taxes; however, as we have seen, taxes are nothing more than taking money from the masses and giving it to the already wealthy.
Perrigo and Elan said a transitional company called New Perrigo would be registered in Ireland and traded on the New York and Israeli stock exchanges....
This newspaper really is written for a certain segment of readership -- and it's not you or me.
Tysabri, a joint venture with the Weston, Mass.-based drug maker Biogen Idec, faced disaster after its launch in 2005 when it was linked to development of a rare, often fatal brain-inflammation disease. But Elan and Biogen Idec persuaded regulators to put Tysabri back on the market in 2006 and the drug, prescribed under restricted rules reflecting its risks, has steadily grown to become a world-leading treatment for MS patients.
See: Tysabri Back on Track
Also see: Biogen’s new offices look to break down barriers
Death ‘likely unrelated’ to MS pill
It is only then that you realize the power of the pre$cription pharmaceutical industry.
Elan sold much of its ownership share of Tysabri to Biogen Idec in February for $3.25 billion in cash and a minority share in future royalties....
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