Elan Corporation has completed most of the conditions for the $700 million (£500 million) takeover of Neurex, a US-based bio-pharmaceutical company which develops products for pain management.
The waiting period under the US antitrust acts has expired and Elan has received clearance under the Irish regulatory authorities. The acquisition remains subject to approval from the Neurex stockholders and other conditions. The Neurex stockholders are expected to be asked for approval in two weeks' time.
Neurex's products are directed at cardiorenal and neurological diseases. Under the latest deal, holders of each Neurex common stock will receive 0.51 of an Elan ADR share.
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