Alkermes and Elan Corporation announced the completion of the merger between Alkermes and Elan Drug Technologies , the drug formulation and manufacturing business unit of Elan. The businesses were combined under a newly-formed company, Alkermes, which is incorporated in Ireland and headquartered in Dublin.

Under the terms of the business combination agreement, Elan Corporation receives $500 million in cash and 31.9 million ordinary shares of Alkermes, representing approximately 25% of Alkermes. Based on the closing share price of Alkermes on September 15, 2011 of $16.52, this represents a total transaction value of approximately $1.0 billion.