IT may be one of the biggest acquisitions ever by an Irish company, but shareholders in drug development group Elan still took less than a couple of minutes to approve the acquisition of the California pharmaceuticals group Athena.

When the acquisition which involves a straight swap of Elan shares for Athena shares was announced last March, the £406 million was based on an Elan share price of $61 3/4. Since then, Elan shares have drifted to $57 1/4, putting a current value on the deal of £353 million. Elan chairman, Mr Don Panoz, said that the fall in Elan's shares had been in line with a general fall by companies in the sector.