Perrigo Co said that they are close to sealing the deal for the acquisition of Elan Corp, the Irish Pharmaceutical company. No final decision has been made for the likely buyer for Elan, with competitors Allergan Inc and Mylan Inc still in the running. Sources are saying that the final decision will come out in the next couple of days.

With the acquisition of Elan, Perrigo can take advantage of the company's Irish headquarters and re-establish itself in the Irish market. Elan Corp's main drug, Tysabri, a multiple sclerosis drug that earns royalties from Biogen Idec Inc, which is the marketer of the drug.

Elan began an auction process earlier this year for a buyer after Royalty Pharma expressed interest to acquire it. Royalty Pharma is now exploring partnership option for the acquirer of Elan. This will allow Royalty Pharma to take on the royalty streams that the company will acquire while using the Elan's corporate shell.