Elan expects to realise $50 million (€58 million) savings through the integration of the US pharmaceutical group Dura within the Dublin-based group over the next 12 months. Elan announced the completion of the acquisition yesterday. Dura shareholders supported the merger with more than 97 per cent of the total votes cast in favour. In a statement, Elan chairman and chief executive Mr Donal J. Geaney said the acquisition would be earnings enhancing for shareholders in 2001 and beyond.
"Dura will enable us to accelerate the development of our US pharmaceuticals business by increasing the range of products and drug delivery technologies we offer," he said.
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