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Perrigo Reorganizes After Purchase of Irish Firm


ALLEGAN, MI (WHTC) -  The future of Perrigo in Allegan was explained in a teleconference this morning after the generic drug maker purchased Dublin-based Elan for 8.6 billion dollars today. The move to acquire the biotechnology company that pioneered a blockbuster multiple sclerosis treatment will also lead to the formation of New Perrigo, a holding company based in Ireland, which has a corporate tax rate of just 12 percent, as opposed to an American levy of 35 percent. However, as Perrigo CFO Judy Brown explained to shareholders and investors, it shouldn’t mean a physical move of its presence along the Lakeshore. Perrigo is financing 4.35 billion dollars of this purchase through loans from two multi-national banks. The merger is pending governmental and shareholder approvals.